Secondary Markets for Private Credit

Private credit has traditionally meant sacrificing liquidity completely. With Percent, now it doesn't. Our Secondary Market gives investors a structured, tech-powered way to indicate interest in buying and selling positions in eligible private credit deals — directly on platform.

EXPLORE THE MARKET

Originating loans or managing private credit? Power your own Secondary Market

NOW LIVE

Private credit's biggest tradeoff, addressed.

Private credit has historically meant committing capital with limited options to exit. Investors typically hold until maturity, receive principal back on an amortization schedule, or wait for a refinancing event. As the asset class scales past $2.1 trillion, that rigidity hasn't kept pace with how investors actually manage portfolios.

Percent's Secondary Market changes the equation. Sellers can seek liquidity before maturity. Buyers can access opportunities they may have missed. And the entire experience lives within the same platform investors already use to invest in primary deals.

Control your capital. On your terms.

Seek Liquidity Early

Strategies evolve. Circumstances change. Place an indication of interest to sell an existing position before maturity, freeing up capital or rebalancing your portfolio on your timeline, not the deal's.

Access Sold-Out Deals

Missed the primary funding window? The Secondary Market offers a second chance to acquire positions in deals with established track records and shorter remaining durations.

Transparent Price Discovery

View the order book and market depth charts showing the best bid and best ask for each eligible deal. Set your own price as a percentage of par value, with full visibility into supply and demand.

Investor-First Execution

All orders are non-binding indications of interest. Percent facilitates the process between parties, and no transaction settles until the buyer, seller, and issuer all agree to final terms.

FOR ASSET MANAGERS & PLATFORMS

Power your own Secondary Market with Percent's infrastructure.

Percent's Secondary Markets infrastructure is available to brokers, asset managers, loan originators, and platforms that want a compliant way to facilitate secondary transactions in the private credit deals they originate and manage. Offer a Secondary Market experience with transparent market data and controlled workflows, built on the same technology that powers Percent's own Secondary Market.

Contact Our Team

For institutions and managers exploring secondary trading capabilities to unlock liquidity for themselves and their investors.

How the Secondary Market works

1. Browse Eligible Deals

Navigate to the Secondary Market tab on the platform. Each eligible deal displays current bid and ask levels, so you can quickly identify where there's activity.

2. Submit an Indication of Interest

Choose to buy or sell. Set your price as a percentage of par, enter your desired size, and submit. All orders are non-binding indications of interest.

3. Percent Facilitates the Trade

When a potential match is identified, a Percent representative confirms details with both parties. No trade settles until the buyer, seller, and issuer all agree to final terms.

4. Track Everything from Your Portfolio

Monitor open, filled, and canceled indications from the Indications of Interest tab in your portfolio. Cancel or adjust at any time.

A simple example

You hold $25,000 of face value in an eligible deal and want to exit early. You submit a Sell IOI for $10,000 at 97.00 (i.e., $970 per $1,000 of face value). A buyer submits a Buy IOI that aligns on size and price. Percent confirms final terms with both parties and coordinates the transfer once everyone signs off.

Clear price discovery. A streamlined workflow. No guesswork.

See what's available on the Secondary Market

Create a free account to view eligible deals, open indications, and live market data.

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Frequently Asked Questions

What is Percent's Secondary Market?

The Secondary Market is a feature that lets accredited investors indicate interest in buying or selling positions in eligible private credit deals. It provides a structured way to seek liquidity before a deal matures or to access deals that may have already closed during primary funding.

How does secondary trading work in private credit?

Unlike public exchanges where trades execute instantly, secondary trading in private credit is a facilitated process. On Percent, investors submit non-binding indications of interest to buy or sell. When a potential match is identified based on price and size, a Percent representative confirms details with both parties. The trade only settles once the buyer, seller, and issuer all agree to final terms.

Can I sell my private credit investment before it matures?

You can submit an indication of interest to sell your position in an eligible deal before maturity. There is no guarantee a buyer will match your terms, but the mechanism exists to seek early liquidity — a significant change from the traditional private credit model, where capital is locked until maturity.

Does the Secondary Market guarantee liquidity?

No. Secondary activity is limited and liquidity is not guaranteed. The feature provides a mechanism to seek potential liquidity, but completion depends on counterparty interest, pricing alignment, and deal-specific constraints.

How is pricing determined?

Investors set their own prices as a percentage of par value (100%). For example, a price of 97.00 means $970 per $1,000 of face value. There is no automated price matching. Percent facilitates negotiations between parties.

Are there fees for secondary trades?

Yes. Each completed trade is subject to a fee of 50 basis points (0.50%) on the trade size for both the buyer and the seller. For example, on a $10,000 trade, each party pays a $50 fee. Fees for institutions and managers seeking to facilitate their own secondary market are negotiated.

What happens to accrued interest when a position is sold?

Accrued interest is not included in the transaction. The seller forfeits accrued interest at the time of settlement, and future interest payments go to the buyer and current holders per the deal's original payment schedule.

Which deals are eligible for secondary trading?

Not all deals are eligible. Percent determines eligibility based on deal structure and other factors, and eligible deals are clearly marked within the Secondary Market section of the platform.

Is Percent's Secondary Market an automated trading system (ATS)?

No. Percent is not a registered ATS. All secondary transactions are facilitated by Percent Securities, LLC, a registered broker-dealer and member of FINRA and SIPC. Orders are non-binding indications of interest, and a Percent representative facilitates confirmation between parties.

Who can participate in the Secondary Market?

Secondary Market activity is available to accredited and verified investors with an active Percent account, subject to eligibility requirements and platform rules. If you don't have an account yet, you can create one for free and complete the verification process to get started.

Explore the Secondary Market on Percent

Create a free account to browse eligible deals, view the order book, and submit your first indication of interest.

Asset manager or marketplace operator? Contact our team about infrastructure.