Percent Launches PCTX to Bring Electronic Trading Protocols to Private Credit Loans

The venue handles only non-binding indications of interest on loans that are not securities, and it is not registered as a broker-dealer or alternative trading system.

October 16, 2026

Percent has launched PCTX, an electronic venue for institutions buying and selling directly originated private credit loans. The venue went live September 30, and Percent said more than a dozen managers representing $250 billion in private credit assets under management had signed up by launch.

Until now, loan-level trades in this market have largely been arranged one-on-one over email, spreadsheets and phone calls. PCTX aims to move that process onto a single electronic workflow covering discovery, negotiation, documentation and settlement.

The venue runs separately from Percent.com, the firm's existing platform for issuing, distributing and trading private credit deals. PCTX is aimed at private credit asset managers, direct lenders, insurers, banks, family offices and other institutional participants. Percent describes it as the first electronic trading venue built specifically for private credit.

Fixed-Income Protocols, Adapted for Private Loans

PCTX borrows its mechanics from institutional fixed-income trading. The venue supports:

• Indications of interest on individual loans and on loan portfolios
• Bids-wanted-in-competition (BWIC) lists
• Offers-wanted-in-competition (OWIC) lists

Managers can load loan data by hand, by spreadsheet, or through direct connections to their portfolio management systems. The venue also supports the back end of a trade, including documentation, settlement instructions and servicing transitions.

To protect the confidentiality private credit participants expect, PCTX uses a tiered visibility model. Users can find potential assets and counterparties without exposing sensitive details up front. Loan-level data and counterparty identities are released step by step as a potential transaction moves forward.

A Tool for Marks, Not Only Exits

Prath Reddy, Percent's co-founder and CEO, presented price discovery as a core use case. He said a manager with no plan to sell can still use the venue to get a credible mark on a loan from another qualified institution, as a read on how the market would value the asset. That kind of price discovery has not existed at scale in private credit, he said.

Defined Regulatory Limits

PCTX is operated by Cadence Group, Inc., which does business as Percent Technologies. The venue permits only preliminary, non-binding indications of interest on eligible private credit assets that are not securities. It does not facilitate securities transactions or offer brokerage or investment advisory services. It is not registered as a broker-dealer, investment adviser, national securities exchange or alternative trading system.

Percent, founded in 2018, says it has facilitated billions of dollars in private credit transaction volume through its primary issuance and secondary markets platform. The firm presents PCTX as its next step after eight years in the market.