Goat Group, the private office and long-term investor focused on backing innovative businesses solving meaningful global challenges, today expressed its support for Lantern’s strategic acquisition of Freyda, describing the transaction as an important step toward addressing one of private markets most persistent operational challenges: trust in data.

As private markets continue to grow in scale and complexity, firms have invested heavily in systems, reporting platforms, integrations, and analytics. Yet despite unprecedented visibility into their operations, fund managers and investors still spend significant time validating, reconciling, and manually verifying information before they can confidently act on it.

According to Goat Group, this challenge represents a fundamental market opportunity.

"Private markets have spent years investing in the collection, movement, and visualisation of data," said Adam Gulley, Goat Group COO & CFO. "What has been largely overlooked is the trust layer that sits beneath every report, every investor communication, and every investment decision. We believe this combination brings together complementary capabilities that help address that challenge in a meaningful way."

The acquisition combines Lantern’s data assurance platform with Freyda’s AI-powered document intelligence capabilities, creating an end-to-end approach that spans the full lifecycle of private markets data from source document and fund reporting through investor consumption and decision-making.

"What stands out to us is that this is not simply an expansion of product capabilities," said Gulley. "It reflects a deeper understanding of where the market is headed. The next phase of innovation in private markets will not be defined by access to more data. It will be defined by greater confidence in the data firms already have."

Goat Group believes the transaction represents an important milestone in the evolution of private markets infrastructure and supports Lantern’s vision of helping firms move beyond fragmented workflows, manual reconciliation, and disconnected systems toward a more trusted and connected data ecosystem.

"As investors, we are attracted to companies that identify the difference between symptoms and root causes," noted Gulley. "The industry has become increasingly effective at collecting data. The larger opportunity is helping firms trust it. We believe this transaction positions the combined company to play an important role in that future."

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