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.