Credit secondaries

Where the hours go

1. Pricing a loan tape against comps
2. Reading LPAs, transfer restrictions and CV election terms
3. Fairness-opinion and conflict review
4. Post-close monitoring of inherited loans

AI workflows for this sector

PCT-038	Credit secondaries: price a 150-loan tape in an afternoon, with every mark benchmarked to public BDC marks Live demo Credit secondariescomps	Vendors Octus, The LoanEdge, 73 Strings, Chronograph, Cobalt +2 · See all vendors for this stage →	Buildable in-house
PCT-039	Continuation vehicle diligence: roll or sell? An agent reads the CV docs and the loan book for LPs Credit secondariesDirect lendingunderwriting	Vendors No vendor verified	Vendor + in-house
PCT-003	Same loan, different marks: who else holds your borrower, how they value it, and who might sell Live demo BDCsDirect lendingResearch & ratingscomps	Vendors The LoanEdge, Octus, Canoe Intelligence	Vendor + in-house
PCT-034	The SEC asked how you calibrate your marks. An agent builds the evidence pack for every Level 3 loan Live demo BDCsDirect lendingmonitoring	Vendors The LoanEdge, 73 Strings, Chronograph, Cobalt, Oxane Partners +1 · See all vendors for this stage →	Buildable in-house
PCT-068	Pricing a private credit LP stake: reconcile the bid to the advisers' surveys and the underlying marks Credit secondariescomps	Vendors The LoanEdge, 73 Strings, Chronograph, Cobalt, Oxane Partners +1 · See all vendors for this stage →	Vendor + in-house
PCT-077	LP reporting: map the fund ledger to the ILPA Reporting Template and draft DDQ answers from approved documents Direct lendingABF / asset-basedCredit secondariesresearch	Vendors Ontra, Acuity Analytics, Allvue, Chronograph, Cobalt +7 · See all vendors for this stage →	Vendor + in-house

Latest news

1. 28 Sep 2026Regulatory

   SEC staff statement on fair value of private assets puts private credit marks, PIK and non-accrual disclosure in focus

   Valuation committees need an evidence pack per mark: comps, other holders' marks, and why yours differs. That's assembly work an agent does well.

   Source: SEC (Hohl, Daly) ↗ · more ↗

2. 18 Sep 2026Private credit

   Partners Group explores a ~$800m private credit continuation vehicle

   Third large credit CV in a month. Expect more loan tapes to price, and more LP election notices to review.

   Source: Bloomberg (headline and preview) ↗

3. 8 Sep 2026Private credit

   Bridgepoint Credit moves €1.2bn of 2017-vintage direct loans into a Pantheon-led continuation vehicle

   GP-led credit secondaries are now a normal exit for old direct-lending funds. Buyers need loan-level pricing tapes fast; LPs need a fair-price check.

   Source: Pantheon (press release) ↗

Public data: what you can and can't get

• Public BDC marks on the same borrowers (free comps for many tapes)
• GP-led deal announcements and press releases; adviser market reviews (often gated)
• Tapes, LPAs and election notices are confidential

Sector descriptions are general and educational. Not investment advice.