2.8 out of 5.
That’s how private credit operators rate their core systems.
It’s more evidence that private credit has outgrown its infrastructure.
The good news: the industry is now building it. PMF’s first set of original research confirms this with data:
Most platforms are running systems designed for a smaller, simpler era. Data scattered across systems that don’t talk to each other. LP reporting held together by manual reconciliation. An AI mandate arriving on desks where the underlying data isn’t clean enough to use it.
Operators know this. What the industry hasn’t had is a clear picture of exactly where things stand - by firm size, by constraint, by what’s being built and what still doesn’t exist.
This month, we surveyed dozens of senior operators from across the AUM spectrum - from sub-$1B emerging managers to $50B+ global platforms - to get that picture.
Our findings are specific:
Core system satisfaction averages 2.8 out of 5
71% have built internal tools because the vendor market couldn’t serve them
74% say LP pressure has increased in the past two years
45% named the same single operational problem they want most solved - a unified data model across systems and strategies
The report maps where infrastructure breaks at each stage of the growth curve - and what firms at each stage are doing about it.
It will confirm what you already feel. And put numbers behind it:
