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Private credit.
For direct lenders, specialty finance and asset-based lenders under $10B.
What changes as the book grows.
Somewhere between twenty and forty borrowers, the spreadsheets stop keeping up. These are the problems that show up first.
The same borrower shows up five ways
Across the administrator, the loan system and the team’s spreadsheets. Exposure to one sponsor across funds and SMAs takes two days to answer.
Compliance certificates are re-keyed by hand
Every agreement defines EBITDA and leverage differently, and the definitions live in a Word document or one person’s head. Shrinking headroom shows up at quarter-end.
Borrowing bases are sampled, not checked
Duplicates, ineligibles and collateral pledged twice hide in what the borrower submits, and nobody has time to tie out every line.
The administrator and the internal Excel disagree
Month-end takes weeks while someone works out why. Accrued interest, PIK and fees are where the breaks usually are.
The tool was bought, the spreadsheet stayed
There is a monitoring platform the team half trusts, so the old workbook still runs beside it.
The DDQ is rebuilt every raise
The numbers drift between the DDQ, the quarterly letter and the capital account statements, and someone reconciles them by hand.
One workflow, live and measured by day 60.
Month one decides which. These are the three that come up most.
Certificates recomputed from each credit agreement’s own definitions, headroom by borrower, every number traced back to the page it came from.
Eligibility, concentration limits and ineligibles checked line by line, with duplicates and double pledges flagged.
Positions, accrued interest, PIK, fees and cash reconciled each month, with every break traced to the agent notice that explains it.
The 90-Day AI Program.
Month one maps the book and picks the first workflow. It is live by day 60 and measured against today by day 90, on one record the firm owns, whether that sits on a platform you bought or one we build.
I am Chief Data Officer at Altriarch Asset Management, a private credit manager, doing this work now: one source of truth across firm, fund, borrower and investor data, with the workflows built on top of it.