Percent Introduces Secondary Markets: A New Chapter for Private Credit
When we talk to investors about private credit, one question comes up more than any other: "What if I need to exit early?"
It's a fair question. Private credit has historically required patience. Unlike public markets where you can sell a position with a few clicks, private credit deals typically lock up capital until maturity, according to an amortization schedule, or in the event the borrower refinances. For many investors, that tradeoff has been worth it. But we've always believed there should be a better way.
Today, we are excited to announce that in the coming weeks, Percent is launching Secondary Markets. This new feature allows investors to indicate interest in buying new positions or selling existing positions in eligible deals directly on our platform.
Why This Matters
Since 2018, Percent has been building infrastructure to make private credit more accessible, transparent, and efficient. We've syndicated over $2 billion in transactions across 1,000+ deals. We've given investors tools to track performance, compare opportunities, participate in primary auctions to determine the final coupons on the deals being offered, and build diversified portfolios. But until now, once you invested, you waited.
Secondary Markets changes that equation. It introduces flexibility for sellers and new opportunities for buyers, two things investors have asked us for since day one.
What Secondary Markets Unlocks
For sellers, this is about control. Life happens. Strategies evolve. Whether you need to rebalance, free up capital, or exit a position early because your views have changed, Secondary Markets provides a mechanism to seek liquidity prior to expected principal repayments. There's no guarantee a buyer will match your indicative terms, but the option now exists.
For buyers, this is about access and ability to diversify. Many of our most popular deals fill quickly. Secondary Markets offers a second chance to participate in sold-out opportunities, on your time. It also lets you acquire positions in seasoned deals with established track records and shorter remaining durations.
How We're Approaching This
We've designed Secondary Markets with the same principles that guide everything we do: transparency, simplicity, and investor-first thinking.
We're not trying to turn private credit into a real-time trading environment. Liquidity will always be more limited than public markets given the breadth of market participants for the foreseeable future. But investors deserve tools that reflect how they actually manage portfolios, and a platform that evolves with their needs and the needs of a fast evolving asset class.
For this initial release of Secondary Markets, all orders are indications of interest, non-binding commitments. Percent will facilitate transactions between issuers, buyers and sellers, and all parties must agree to final terms before any trade settles. We're launching with a curated set of eligible deals and expanding from there. This is a measured rollout. We want to get it right.
Looking Ahead
We'll share detailed how-to content closer to launch, including platform walkthroughs and answers to common questions. For now, we wanted to share why we're excited about this milestone and what it means for you.
Thank you for being part of the Percent community, and for pushing us to innovate.
Private credit has traditionally meant sacrificing liquidity completely. With Percent, now it doesn't.
— Prath Reddy, CFA President, Percent