The 2023 Year in Review: A Note from Canoe’s CEO
Dear Canoe Community,
As we bid farewell to an exceptional 2023, I am thrilled to reflect on the extraordinary milestones that have propelled us forward and set the stage for an even brighter future to come. Your unwavering support, collaboration, and trust have been the driving forces behind Canoe’s success, and we are excited to continue this journey together into 2024.
Global Growth and Client Success:
In 2023, Canoe expanded its footprint globally, surpassing more than $5 trillion in AUM/AUA across over 275 clients internationally, including global banks, allocators, asset servicers, wealth advisors, family offices, private equity firms, asset managers, and hedge funds. We’ve expanded our coverage to more than 37,000 funds, collecting and processing more than 15M documents, and extracting over 75M data points last year! Additionally, alts allocations across our clients have grown to 550,000, an increase of 85% year over year. Our client growth is a testament to the pivotal role Canoe plays in solving the industry’s structural challenges investing in alts.
Strategic Talent and Functional Expansion:
Our team has grown to over 140 employees worldwide, with strategic functional heads leading new verticals across the commercial, engineering, and operations teams. These dynamic additions are steering our expansion plans, attracting new business, and catalyzing the development of innovative products and services to meet evolving client needs.
Industry Partnerships and Integrations:
The Canoe Partner Program has flourished, welcoming new members and expanding by 200% last year alone. This collaborative ecosystem of technology and service providers is shaping the future of document collection and data management in the alts industry. We look forward to continuing to expand the scope of our relationships with existing partners and welcoming new partners to the program, all with the intention of creating unique and better experiences for our clients. We are especially excited to be building new tools and solutions, such as our Snowflake and shared file system integrations, together.
Innovative Solutions for Alts Data Management:
Canoe’s commitment to delivering cutting-edge solutions has resulted in a series of new product launches and enhancements, including Canoe Asset Data, Canoe Tax, Canoe Pro, and Document Receipt Dashboard. These innovations aim to streamline and enhance the management of complex alternative investment documents and data, positioning Canoe at the forefront of the alts landscape. By continually expanding our capabilities, we’re not only executing on existing client needs but also paving the way for the future. Our focus extends beyond current solutions, encompassing new document types, datasets, and workflows that span the back, middle, and front offices.
- Canoe Innovation Hub and Canoe Asset Data: An integral pillar of our strategic vision and the first initiative coming out of our Data Innovation Hub, Canoe Asset Data delivers greater data transparency into clients’ underlying alts investments. More than a dozen clients successfully participated in our Canoe Asset Data beta program and are now adopting the product to facilitate deeper analysis into the asset-level data of their funds. A formal commercial launch is expected in the first half of 2024 – stay tuned for more information.
- Canoe Tax: A value-additive solution for clients seeking to automate the manual processes of extracting and delivering relevant tax data from common tax documents to downstream systems.
- Canoe Pro: A powerful offering that combines Canoe technology with industry expert third-party services accelerating the implementation, onboarding, and operation of an alts data management program.
- Document Receipt Dashboard: An example of the types of dashboarding experiences we’re integrating into Canoe, Document Receipt Dashboard enables clients to identify and resolve document status discrepancies or harness Canoe’s unique Shared Intelligence to spot missing or delayed documents faster.
These enhancements exemplify Canoe’s mission to provide tailored, value-driven solutions—benefits that are inherent with our extensive footprint in the industry.
Fifth-Anniversary Milestone:
Celebrating our fifth anniversary, we introduced a new brand identity – “Alts, smarter.” This encapsulates our mission to empower the industry to manage alternative assets faster, more accurately, and with greater confidence. And, we’re incredibly proud of accolades we’ve received in data management, AI/ML, and technology innovation as they underscore the strength of our product, our people, and our mission.
Looking Ahead to 2024:
As we kick off 2024, Canoe remains steadfast in advancing the industry standard for alts data management. Our focus extends beyond platform enhancement, striving for real operational excellence and tangible client results. Our community can anticipate comprehensive workflow management tools and expanded coverage of crucial datasets, fostering a more integrated ecosystem for General Partners, Limited Partners, and Administrators.
Heading into this new year, the Canoe team is thrilled for all the possibilities that lie ahead. Your choice to automate alts data with Canoe is validation of our collective commitment to outstanding results. We look forward to another year of shared success and making alts smarter together.
Keep Paddling,
Jason Eiswerth
CEO, Canoe Intelligence