MGG Investment Group automates review of investor statements
NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) — Canoe Intelligence (“Canoe”), the fintech company powering alternative investment intelligence, today announced a new client engagement with MGG Investment Group (“ MGG”), an investment manager serving middle market companies in a variety of 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 stock investments. MGG’s flexible mandate allows the firm to meet client needs and assess risk at all levels of the capital structure.
Most General Partners (GPs) such as asset managers, hedge funds, private equity funds, and venture capital funds perform a highly manual, multi-step process to reconcile and review statements prepared by their administrators. Each time an account statement or cash flow opinion is generated by its administrator, the GP must check each data point and confirm that the figures are correct. Following this manual review, the GP approves and instructs its administrator to release the documents to its investors.
Companies that automate these workflows with Canoe see a 98% return on time spent reconciling documents. Specifically, GPs with an average of 1,000 LP relationships spend about 18.5 hours manually reviewing investor statements. With Canoe, these companies can perform the same workflows in just 20 minutes and with even more precision. Depending on the frequency of statements and notices sent to investors, GPs can save hundreds of hours a year with Canoe.
“MGG is committed to improving our business through the use of technology and automation. In evaluating solutions to optimize our investor statement review processes, Canoe was a natural choice. Integrating with Canoe technology has allowed us to make what was previously a 100% manual process more efficient,” 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 will materially help us deliver statements to our investors up to two days faster than before.
“For four years, Canoe has provided LPs with alternative automated document and data management technologies. And now we’ve extended our extraction capabilities to deliver the same level of accuracy, efficiency and completeness for investor reporting,” said Michael Muniz, Partner and Chief Revenue Officer at Canoe Intelligence. “We are excited to work with innovative GPs like MGG to not only optimize legacy investor disclosure review processes and accelerate their ability to respond to client inquiries, but also to further our mission of fueling the intelligence of alternative investments for the entire ecosystem of the sector. »
More than 200 of the world’s most sophisticated investors use Canoe to extract, standardize and manage data and documents in all their GP relationships. By leveraging Canoe, GPs can leverage 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 achievements, including winning awards from Family Wealth Report and The Drawdown, building traction as an industry standard solution for alternative document and data management, and numerous client engagements with institutional investors and large family offices.
ABOUT CANOE INTELLIGENCE
Canoe Intelligence is redefining alternative investment data processes for hundreds of leading institutional investors, capital allocations, asset management 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 associated with managing, retrieving and delivering documents and alternative investment data. With Canoe, customers can refocus their capital and human resources on business performance and growth, increase efficiency, and gain deeper access to their data. Canoe’s AI-powered 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 offers tailored investment solutions to medium-sized and growing companies across North America. We focus our efforts on companies with EBITDA between $5 million and $50 million per year that need transition capital for growth. In addition to our long-standing focus on senior secured loans, we also invest opportunistically in common and preferred shares of growth companies. With a seasoned and experienced investment team, we are able to perform due diligence and respond quickly to complex situations and specialized financing needs while providing closing certainty to business owners.
Founded in 2014, MGG is based in New York City with offices in Chicago, San Francisco, Los Angeles and Dallas. Since its inception, we have provided billions of dollars to dozens of companies across many sectors and industries.
Betsy Miller Daitch
MGG Investment Group