Percent Launches PCTX: The First Electronic Trading Venue for Institutional Private Credit

Quick Summary

Percent has launched PCTX, a dedicated private credit trading venue designed to modernize the $3.4 trillion institutional market. By digitizing discovery, negotiation, and settlement, PCTX provides a structured electronic workflow for asset managers and lenders to access liquidity and achieve transparent price discovery in a historically manual asset class.

How Does PCTX Solve Private Credit Liquidity?

Private credit liquidity has traditionally been hampered by fragmented, bilateral communication. PCTX addresses this by establishing a standardized private credit trading venue that replaces antiquated email and spreadsheet-based workflows. This digital environment allows institutional market participants to find counterparties and rebalance portfolios with unprecedented speed.

• $250 billion AUM represented by managers already signed up at launch.
• Over 12 managers including banks and insurance companies are active on the platform.
• $3.4 trillion projection for the U.S. private credit market by 2030.

The platform utilizes a tiered visibility model, ensuring that sensitive loan-level data is only revealed as transactions progress, maintaining the privacy essential to the asset class while enabling efficient price discovery.

What Features Does the PCTX Trading Venue Offer?

Electronic trading workflows on PCTX are built to mirror familiar fixed-income protocols. The venue supports individual loan portfolios, BWICs (Bids Wanted in Competition), and OWICs (Offers Wanted in Competition). By integrating directly with portfolio management systems, PCTX removes the friction of manual data entry, allowing managers to upload loan information via spreadsheets or API.

"Private credit has become a major asset class, but the systems for finding liquidity and trading assets have not kept pace," said Prath Reddy, co-founder and CEO of Percent. "PCTX is the first and only electronic trading venue created specifically for private credit, giving institutional market participants a more efficient way to seek loan-level liquidity without sacrificing the privacy that defines the asset class. Even when a manager has no intention of selling an asset, the ability to source a credible mark from another qualified institution can provide additional insight into how the market should value that asset. That kind of price discovery simply hasn't existed at scale in private credit."

Why is Electronic Trading Essential for Private Credit?

As the market scales toward multi-trillion dollar valuations, the lack of standardized documentation becomes a systemic bottleneck. PCTX centralizes settlement and documentation into a single interface, reducing the operational risk associated with manual transitions. This modern market infrastructure allows direct lenders and family offices to evaluate assets using real-time data rather than stale marks, providing a credible market valuation for illiquid assets.

FF NEWS TAKE:

The launch of a dedicated private credit trading venue like PCTX is a watershed moment for the industry. For too long, private credit has operated in the shadows of manual spreadsheets. By bringing institutional-grade electronic trading to this $3.4 trillion asset class, Percent is not just launching a product; they are building the essential plumbing for the next decade of credit growth. This move significantly moves the needle for transparency and liquidity.