WhatA secondary market platform for buying and selling distressed private credit positions, with standardized pricing, due diligence automation, and escrow — essentially a Nasdaq for distressed private debt.
SignalRecord defaults mean a wave of distressed positions that need to trade, but private credit is notoriously illiquid with no standardized secondary marketplace, forcing clunky bilateral negotiations.
Why NowThe 9.2% default rate is creating an unprecedented volume of distressed private credit assets that need to change hands, while simultaneously the Fitch report noted zero software defaults — sophisticated buyers want to cherry-pick sectors.
MarketDistressed debt funds, opportunistic PE, and banks looking to offload exposure; secondary private credit trading volume estimated at $50B+ annually and growing; Lincoln International and Jefferies broker these deals but there's no technology-first platform.
MoatNetwork effects — liquidity begets liquidity; once you have the most buyers and sellers, deal flow concentrates on your platform, and transaction data creates proprietary pricing benchmarks.
US private credit defaults hit record 9.2% in 2025, Fitch saysView discussion ↗ · Article ↗ · 398 pts · March 12, 2026
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