Bloomberg said Wednesday that it has agreed to acquire Canoe Intelligence, an AI-powered data management platform that automates the collection and delivery of private markets data, in what the company described as a defining step in its effort to transform private markets investing.

The acquisition builds on Bloomberg’s multi-year push to extend the public markets intelligence long delivered through its Terminal into private assets, where data is often less standardized and harder to compare across funds, managers and service providers.

Bloomberg already provides data on more than three million private companies, 50,000 private funds and 16,000 private direct loans. Earlier this year, it launched a certified integration with Canoe that connected permissioned private fund data to Bloomberg PORT Enterprise.

Canoe serves as a link between general partners and limited partners, processing more than 1.5 million documents a month across more than 44,000 funds. It delivers structured insights to more than 500 institutional clients representing over $11 trillion in assets under service, including large institutional investors, fund servicers, wealth managers and family offices.

Bloomberg said the transaction is intended to help address the long-standing fragmentation of data across the private markets investment process, with potential capabilities including a fully integrated total portfolio view, enhanced pre-investment intelligence and a converged data infrastructure.

The deal also comes as private markets continue to draw more attention from institutional investors that want systems capable of organizing increasingly large volumes of documents and permissions-based data. Bloomberg said combining its existing private markets coverage with Canoe’s workflow could help bring more consistency to how that information is delivered across the investment process.

“Today, private markets are primed to undergo a similar transformation as investors seek the same kind of structured, timely insights across private assets,” said Bloomberg Chief Executive Vlad Kliatchko.

Canoe Chief Executive Jason Eiswerth said joining Bloomberg would allow the company to build on its earlier PORT integration “at scale, with more resources, more reach, and more data behind Canoe.”

Jefferies acted as exclusive financial adviser to Canoe, and Cooley served as legal adviser.