MGG Investment Group Automates Investor Statement Review with Canoe Intelligence
New product offering for GPs like MGG supports industry-wide operational efficiency, saves 98% of time spent reconciling investor statements, and delivers on Canoe’s mission to power alternative investment intelligence
NEW YORK, SEPTEMBER 7, 2022 – Canoe Intelligence (“Canoe”), the financial technology company powering alternative investment intelligence, today announced a new client engagement with MGG Investment Group (“MGG”), an investment manager serving middle market companies across various industries. MGG is implementing Canoe’s technology to enhance and help automate the review of investor statements prepared by its fund administrator before they are distributed to MGG’s Limited Partners (LPs).
MGG invests across the capital structure having achieved success in senior secured debt financings as well as preferred and minority common equity investments. MGG’s flexible mandate enables the firm to meet client needs and price risk up and down the capital structure.
Most General Partners (GPs) like Asset Managers, Hedge Funds, Private Equity Funds and Venture Capital Funds carry out a highly manual, multi-step process to reconcile and review statements prepared by their administrators. Any time an account statement or cash flow notice is generated by their administrator, the GP must check every data point and confirm the figures are accurate. Following this manual review, the GP then approves and instructs their administrator to deliver the documents to their investors.
Firms automating these workflows with Canoe are experiencing a 98% return on time spent reconciling documents. More specifically, GPs with an average of 1,000 LP relationships spend approximately 18.5 hours manually reviewing investor statements. With Canoe, these firms can execute the same workflows in only 20 minutes and with even more accuracy. Depending on the frequency of statements and notices sent to investors, GPs are able to save hundreds of hours per year with Canoe.
“MGG is committed to enhancing our business through the use of technology and automation. In evaluating solutions to optimize our investor statement review processes, Canoe was a natural fit. Onboarding with Canoe technology has allowed us to make more efficient what previously was a 100% manual process,” said Greg Racz, President of MGG Investment Group. “We have seen significant time savings on statement reconciliation and are better able to identify discrepancies and communicate them to our administrator using Canoe. We expect this to materially assist us to deliver statements to our investors up to two days faster than previously possible.”
“For four years, Canoe has enabled LPs with automated alternatives document and data management technology. And now, we’ve expanded our extraction capabilities to offer the same level of accuracy, efficiency, and completeness for investor statements,” said Michael Muniz, Partner and Chief Revenue Officer at Canoe Intelligence. “We’re thrilled to be working with innovative GPs like MGG not only to optimize legacy investor statement review processes and accelerate their ability to meet client demands but also follow through on our mission to power alternative investment intelligence for the entire industry ecosystem.”
More than 200 of the world’s most sophisticated investors are using Canoe to extract, standardize, and manage data and documents across all their GP relationships. By leveraging Canoe, GPs can tap into the insights, patterns, and trends uncovered from Canoe’s client base and implement a scalable strategy for document management and investor client reporting.
This news follows Canoe’s recent accomplishments including award wins from Family Wealth Report and The Drawdown, building traction as the industry-standard solution for alternatives document and data management, and numerous client engagements with institutional investors and large family offices.
ABOUT CANOE INTELLIGENCE
Canoe Intelligence redefines alternative investment data processes for hundreds of leading institutional investors, capital allocators, asset servicing firms and wealth managers. By combining industry expertise with the most sophisticated data capture technologies, Canoe’s technology automates the highly-frustrating, time-consuming, and costly manual workflows related to alternative investment document and data management, extraction and delivery. With Canoe, clients can refocus capital and human resources on business performance and growth, increase efficiency, and gain deeper access to their data. Canoe’s AI-driven platform was developed in 2013 for Portage Partners LLC, a private investment firm. Learn more: www.canoeintelligence.com
ABOUT MGG INVESTMENT GROUP
MGG Investment Group provides bespoke investing solutions to mid-size and growing companies throughout North America. We concentrate our efforts on businesses with EBITDA between $5MM and $50MM a year who are in need of growth transition capital. In addition to our long-standing focus on senior secured lending, we also opportunistically invest in the common and preferred equity of growing businesses. With a seasoned and experienced investment team, we are able to conduct due diligence and address complex situations and specialized financing needs expeditiously while providing certainty to close for business owners.
Founded in 2014, MGG is based in New York City with offices in Chicago, San Francisco, Los Angeles, and Dallas. Since inception, we have provided billions of dollars to dozens of businesses across numerous sectors and industries.
Betsy Miller Daitch
MGG Investment Group