Canoe Continues Institutional Expansion with New Client, Lexington Partners
NEW YORK, November 19, 2019 – Canoe Intelligence (“Canoe”), a first-of-its-kind technology that eliminates manual data entry for institutional investors, allocators into alternatives, and asset servicing firms, today announced a new client relationship with Lexington Partners (“Lexington”), one of the world’s largest and most successful independent managers of secondary private equity and co-investment funds. Lexington will implement Canoe’s technology to unlock new efficiencies in their operational reporting workflows related to document ingestion and categorization, data extraction and validation, and delivery of data into downstream systems.
As an adopter of Canoe’s technology, industry-pioneer Lexington Partners is continuing to bring innovation to their business.
Headquartered in New York with offices around the world, Lexington Partners helped develop the institutional secondary market and created one of the first independent, discretionary co-investment programs. Since 1990, Lexington Partners has organized 19 secondary funds and 9 co-investment pools with total capital of over $38 billion. The company’s investors include more than 700 leading public and corporate pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations, and family offices from more than 30 countries.
“We believe innovation is central to our growth and found that Canoe Intelligence provided an optimal way to scale the data entry processes associated with our clients’ portfolios,” said Thomas Giannetti, Partner & CFO at Lexington Partners. “By implementing Canoe’s technology, we are able to capture more data, perform more detailed portfolio analysis, and prepare for future growth.”
Canoe continues to expand its presence within global investment firms, like Lexington Partners, who manage a variety of complex client portfolios and seek a scalable solution for managing reporting documents. Leveraging a combination of industry expertise and sophisticated proprietary and open-source artificial intelligence and machine-learning technologies, Canoe automates the digitization of PDF reporting documents into actionable data and intelligence.
As documents are processed, unique patterns are created which form an ever-growing, shared intelligence that improves speed, recognition, and ingestion rates for all clients. Within sub-seconds, clients are able to turn unstructured data into accessible knowledge and participate in creating a new, reliable infrastructure for private markets.
“Our team has walked in the shoes of our clients and felt the pains of manual data entry, and we infuse that industry expertise and experience into every aspect of our technology,” said Seth Brotman, CEO of Canoe Intelligence. “We’re proud to partner with forward-thinking, industry-leading firms like Lexington Partners to deliver the technology that will scale their businesses for the future.”
This announcement follows Canoe’s continued expansion into institutional investment enterprises, including OCIOs and Investment Consultants, Asset Servicing Firms, Large Multi-Family Offices, Registered Investment Advisors, and Fund of Funds. Canoe’s ability to automate alternative investment workflows at scale is attractive to firms of all sizes and strategies.
About Canoe Intelligence
Canoe’s technology allows institutions, LPs, and family offices to automate data extraction, document management, and other operational processes in order to refocus capital and human resources on business performance and growth. Canoe’s AI-driven platform was developed in 2013 for a billion-dollar, multi-family office and today is relied upon by hundreds of institutional investors, asset owners, administrators, advisors, and family offices. Learn more: www.canoeintelligence.com
About Lexington Partners
Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest independent managers of secondary acquisition and co-investment funds with more than $38 billion in committed capital. Lexington has acquired more than 3,000 secondary and co-investment interests through over 800 transactions with a total value in excess of $47 billion, including $12 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 400 new funds in the U.S., Europe, Latin America, and the Asia-Pacific region. Lexington has offices strategically located in major centers for private equity and alternative investing – New York, Boston, Menlo Park, London, Hong Kong, Santiago, and Luxembourg. Lexington also has senior advisors covering Asia, Australia, and the United States. Additional information may be found at www.lexingtonpartners.com.