Understand the playbooks behind the platforms powering the future of private capital.
When it comes to data, private credit is where private equity was 15 years ago.
Asset-based finance started with credit cards, auto loans and trade finance. It now covers 70 to 80 kinds of collateral, with music rights and cell towers among them. Every party in a deal runs its own system, and those systems were not built to talk to each other.
The most opaque asset in private capital is a relationship.
Global credit is becoming one integrated market, $145 trillion in scale, and almost none of its infrastructure was built for what it has become.
LPs are still reconciling loan agency notices, compliance certificates and financial statements by hand, out of spreadsheets held together by Excel formulas nobody currently employed can explain. The operational risk is real, and for some of the world's most important institutional investors, it's now front and center.
Fund administration was born in a world where a GP's entire LP base could fit in a small conference room. That world is gone.