2026: The State of Private Credit Technology

Mar 24, 2026

Kevin Hsu

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Presenting "The State of Private Credit Technology" - a research update John Markell (Armentum Partners) and I put together for The 2026 Private Credit Technology Summit.

We polled ~150 private credit lenders year over year. A few things stood out:

AI adoption more than doubled - from ~20% to ~50%. No longer just ChatGPT for memos. Lenders are moving into dedicated tools across the full deal lifecycle.
But loan monitoring and portfolio management adoption? Flat. Core workflow infrastructure is stable - the growth is happening at the AI layer on top.

Our takeaway: AI changes how lenders source. Not yet how they operate. The dividing line is implementation complexity.

Big thanks to John Markell and the Armentum team for co-presenting, and Marc Andrew and the Private Markets Forum for putting together a strong room.

Origination13

Capital relief18

Secondary7

Bank sources the loan, private credit fund holds the asset.

Citigroup / Apollo$25B committed

Largest relationship of its kind. Targets corporate and sponsor-backed loans in North America. Participation from Mubadala and Athene. Sep 2024.

Corporate lendingSponsor finance

JPMorgan / FS, Cliffwater, Shenkman+$65B committed

$10B balance sheet opened Oct 2024. Side-by-side model: JPMorgan originates, private credit firms invest on deals without upfront capital. Increased to $50B + $15B in Feb 2025.

Side-by-sideNon-sponsored

Wells Fargo / Centerbridge$5B+ committed

First large-scale bank-private credit JV. $2.5B equity commitments. ADIA and BCI anchored. Non-sponsored middle market. Sep 2023.

JVNon-sponsored MM

SocGen / Brookfield€10B committed

Real assets credit: power, renewables, data, midstream, transportation. Fund finance. Insurance investor base. Sep 2023.

Real assetsFund finance

BNP Paribas / Apollo (ATLAS SP)$5B committed

Securitization-focused. Investment-grade asset-backed credit. Capital markets collaboration. Sep 2024.

SecuritizationIG ABF

Barclays / AGL Credit Management

AGL Private Credit platform. Large sponsor-backed corporates. ADIA anchor commitment. Apr 2024.