Artificial intelligence startup BlueFlame AI, which provides artificial intelligence tools to asset owners and asset management firms, announced on Tuesday a new tool, Nexus, for gathering and organizing unstructured data for alternative investment managers.
The tool aims to organize data from confidential information memorandums, presentations, vendor contracts, expert network transcripts and other documents in a searchable database. Private-market assets, the performance of which is often reported on a one-quarter lag, do not have the same amount of available data as publicly listed assets like stocks.
“In today’s data-driven investment landscape, the ability to quickly extract valuable insights from vast amounts of unstructured information is crucial,” said Raj Bakhru, BlueFlame’s CEO, in a statement. “Nexus eliminates the need for manual data entry and offshoring efforts for market research, investor letters and board packs, legal agreements, and more.”
Several pension funds, including the California State Teachers’ Retirement System and the Massachusetts Pension Reserve Investment Management Board, have experimented with or are looking into how AI can provide input to the investment process and improve operational processes.
Some funds have told CIO that while AI tools have saved hundreds of hours of work, the tools are primarily used for assisting with clerical tasks, such as transcribing meetings and taking notes.
At a Council of Institutional Investors’ conference this month, JPMorganChase CEO Jamie Dimon cited the lack of data available in the private markets as compared to what public ones are required to disclose.
Nexus is currently available for existing BlueFlame clients.
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Tags: AI, Alternatives, Alts, Artificial Intelligence, BlueFlame AI, Private Markets