Canoe said it will use the capital to build proprietary AI and machine learning technology.

“We eagerly anticipate driving the next phase of Canoe’s evolution in partnership with Goldman Sachs,” Jason Eiswerth, CEO of Canoe Intelligence, said. 

The firm’s platform streamlines data management for 325 institutional investors, capital allocators, wealth managers, family offices and asset servicing firms, including Blackstone and Hamilton Lane.

The rise of firms such as Canoe speaks to how alternative investments now account for $22 trillion in assets under management, or 15 per cent of global AuM.

“Canoe creates meaningful value for its clients, streamlining and synthesizing data for greater efficiency and accuracy. As inflows to alternative investments continue to grow, Canoe is uniquely positioned to capitalize on the trend,” Jade Mandel, managing director in Growth Equity at Goldman Sachs Alternatives, said.

In March this year, Canoe launched Canoe Asset Data, a solution to meet the industry-wide need for timely and accurate asset-level data. In September 2023 Canoe said it had achieved a 100 per cent increase in year-over-year revenue growth.