Percent, the platform powering modern private credit markets through access, liquidity and data, today unveiled PCTX, a standalone electronic trading venue purpose-built for institutional private credit. Operating separately from Percent.com, PCTX is designed specifically for institutional investors and managers to access liquidity, evaluate assets and transact in directly originated private credit more efficiently.
The U.S. private credit market is projected to outpace U.S. high yield bonds and leveraged loans and reach $3.4 trillion outstanding by 2030, yet loan-level trading still occurs largely through bilateral transactions coordinated over email, spreadsheets and phone calls. As the market grows, the lack of standardized documentation, trading conventions and settlement systems can constrain price discovery, portfolio rebalancing and liquidity management. PCTX brings discovery, negotiation, documentation and settlement into a single electronic workflow, creating a more structured way for institutions to find counterparties and transact.
“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.”
PCTX serves private credit asset managers, direct lenders, insurance companies, banks, family offices and other institutional market participants. Its tiered visibility model allows users to identify potential assets and counterparties without immediately revealing sensitive information, with greater access to loan-level data and identity provided as a potential transaction progresses.
The venue will support individual loan and loan portfolio indications of interest, BWICs and OWICs, adapting trading protocols familiar to institutional fixed-income markets for private credit. PCTX is designed around traditional, directly originated loans and the workflows institutions already use. Loan information can be added manually, through spreadsheets or through direct integrations with portfolio management systems, while PCTX supports the process through documentation, settlement instructions and servicing transitions. The venue is live and at the time of launch over a dozen managers, representing $250 billion in private credit AUM, have already signed up.
After eight years of building in private credit, PCTX marks the next step in Percent’s evolution, extending that experience into a venue designed to support a more connected and efficient institutional market.
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