AI的整合进入替代数据驱动新机遇与挑战

AI’s Integration IntoAlternative Data FuelsNew Opportunitiesand Challenges Executive Summary As the integration of alternative data with artificial intelligence(AI) systems accelerates, investment firms are experiencing bothexpanded opportunity and heightened responsibility. AI is proving highly beneficial in surfacing new signals,streamlining research, and unlocking new sources ofalpha from complex, high‑velocity datasets. At thesame time, its use is heightening firms’ exposure tomodel risk, governance gaps, and evolving data rights—requiring firms to implement disciplined controls,auditable decisioning, and a clear data provenancestrategy to effectively translate innovation into durableperformance. Total Alt Data Usage Private Equity Firms, Hedge FundManagers, and Venture Capital Firms These conclusions are based on Lowenstein Sandler’slatest survey of investment advisers at private fundmanagers (private equity firms, hedge fund managers,and venture capital firms). Since2019, the firm hasconducted an annual survey (except in 2020) tounderstand the role of alternative data in the investmentcommunity. Now a global market estimated at over $15billion, alternative data includes forms of informationnot contained in company filings, press releases, analystreports, or other traditional sources, such as credit cardtransactions, satellite imagery, and mobile device data. 62%2023 Results from the latest survey suggest the popularityof alternative data continues to grow. The percentageof respondents currently using alternative data reached90 percent, up from 67 percent last year and 62 percentin 2023. Only 4 percent of respondents indicated thatprivate fund managers do not expect to use alternativedata in the future. Moreover, over two‑thirds ofrespondents reported having alternative data budgetsexceeding $1 million. Executive Summary New Opportunities,New Challenges Like practically every segment ofthe economy, alternative investment isbeing reshaped by AI. Investment firmsare leveraging it across their business,including by deriving new insights fromthe data they collect to make decisions.But effective adoption isn’t so simple.The challenges involved will requirehuman judgment to get it right. Of course, any analysis of the alternative data market isincomplete without considering the impact of AI, whichhas become central to operations across investmentfirms.LIGHTBULB-ONPrivate fund managers are applying it tomultiple functions, most notably investment research,portfolio monitoring, and data summarization.AI use isno longer confined to quantitative or innovation teams—it supports everything from front‑office decision‑makingto human resources and recruiting. — Scott H. MossPartner Chair, Fund Regulatory & ComplianceCo‑chair, Investment Management GroupLowenstein Sandler LLP At the same time, AI has raised new concerns about—among other things—data security, regulatory scrutiny,vendor reliability, and the risk of acquiring materialnonpublic information. Those concerns are particularlysalient in the alternative data ecosystem, where vendorsare adding AI‑enabled features. Survey results show thatfirms are encountering higher costs, tighter licensingterms, and greater restrictions on AI‑related data usage,particularly for model training. The result is a morecomplex commercial and governance environment. Still, none of those challenges seem to slow the integrationof AI and alternative data. There is evidence that firmsare tackling many of the challenges—for example, nearlynine in 10 respondents said they have formal policies inplace for the use of AI in investment and trading. Key Findings of respondents indicated they have seencost increases for alternative data productsincorporating AI of respondents said their firm is using AI systemsto a moderate or large extent for investmentresearch/portfolio optimization/trading of respondents report that alternative datavendors are fully or mostly enabling AI analysisor interaction into their products of respondents said their firms plan to increasetheir budget for alternative data, while96% planan increase devoted to AI Explosive Growth, Fueled by AI To most of the professional investment community, alternative data is an old story, but its explosive growth isn’t.LIGHTBULB-ONThe intelligence firmNeudataestimates that the alternative data market for investment managers could reachnearly $40 billion by 2030, double its current size.Further, in 2024, market spending on alternative data grew 34percent, according to Neudata, exceeding the 21 percent average annual growth since 2020.ones that were zero vs having it entirely blank.Just a thought Those numbers jibe with the findings in this survey—the 90 percent of survey respondents who said they are currentlyusing or plan to use alternative data is higher than in the previous two years. Enthusiasm for its use is evident acrossasset classes, including private equity and venture capital, which saw significant inc