Percent, the platform powering modern private credit markets through access, liquidity and data, has unveiled PCTX, a standalone electronic trading venue purpose-built for institutional private credit. Operating separately from Percent.com, PCTX is designed 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 — a workflow that stands apart from the electronic processes long established in public bond markets. As the market grows, the absence 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, offering institutions a more structured way 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 granted as a potential transaction. The design speaks to the confidentiality concerns that have kept loan trading largely bilateral, letting institutions gauge interest before committing to a negotiation.

The venue will support individual loan and loan portfolio indications of interest, along with BWICs (bids-wanted-in-competition) and OWICs (offers-wanted-in-competition), trading protocols widely used across institutional fixed-income markets that PCTX adapts for private credit. PCTX is built around traditional, directly originated loans and the workflows institutions already use. Loan information can be added manually, through spreadsheets or via direct integrations with portfolio management systems, while the platform supports the process through documentation, settlement instructions and servicing transitions.

The venue is now live, and at the time of launch more than a dozen managers, representing $250 billion in private credit assets under management (AUM), have already signed up. With the venue live, near-term markers of adoption include whether participation broadens beyond the launch signatories across the venue’s target user base and whether loan-level indications of interest progress into transactions completed through the platform’s documentation and settlement workflow. 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.

Disclaimer: PCTX is operated by Cadence Group, Inc. d/b/a Percent Technologies (“Percent Technologies”). PCTX does not permit or facilitate transactions in securities, does not provide brokerage or investment advisory services, and is not registered as a broker-dealer, investment adviser, national securities exchange or alternative trading system. PCTX permits only preliminary, non-binding indications of interest concerning eligible private credit assets that are not securities.