Tradable September 2026 Market Update
Market Insights
Year-to-date, over $700M in available private credit capacity (“supply”) has been listed on Tradable, consisting of 7 primary transactions and 11 secondary transactions. Primary syndications are typically GP-led, underwritten, term-sheet phase, and open for co-lenders pre-closing. Occasionally, borrowers or sponsors list primary opportunities for investment. Secondaries are closed loans with either funded or unfunded committed exposure and are already performing.
1: North American deals constitute the majority of supply, global managers are syndicating foreign credits into the American market, valued for relatively higher yields
2: Data centers, legal finance, and consumer receivables remain attractive to investors
3: Primary syndications, while smaller in number, contribute a larger volume of supply given the nature
Supply is generally a result of capital constraints, redemption pressure, exposure limits, and diversification. We’re seeing first-hand how the chunky, illiquid, hold-until-maturity characteristics of private credit are breaking down in favor of smaller, uber-diversified, liquid exposure.
LPs are navigating towards direct investment opportunities as an alternative to legacy fund exposure, as they seek direct exposure, greater control rights, and the ability to avoid fund fees (although participation fees remain customary). The trend is supported by FINTRX's Q2 2026 Family Office Report, which shows 92.7% of new family offices report an interest in direct investments, versus 80.7% across the broader market. Meanwhile, just 6.3% of new additions list an interest in private credit funds, compared with 24.1% across the sample.
Platform Expansion
Fund Secondaries: Private fund investors often wait years for capital to be returned, resulting in slowing DPI ratios for fund managers. To solve this, we launched our fund secondaries solution to provide multi-tiered liquidity for (i) internal QMS transactions and (ii) access to greater market depth via the existing Tradable marketplace. Liquidity has become one of the most important themes in private assets, and managers who can provide a structured path to liquidity can differentiate themselves in an increasingly competitive environment.
In the Press
Loan Marketplace: Bloomberg featured Tradable’s private credit marketplace, noting the growth in the secondaries as an asset class. We’re proud to play a role in the formalization of private credit capital markets.
Private Credit Secondaries: LSEG Loan Connector also highlighted Tradable and CEO Alex Cordover, noting the rapid growth of private credit secondaries and the increasing role they play in providing liquidity and deploying capital across the market.
Read the LSEG Loan Connector piece →
Tokenization:
- Loans: Credit managers willing to embrace new technology are raising cost-effective, differentiated capital. Tradable's tokenization engine allows managers to tokenize individual credit positions and funds, making real world assets (RWAs) accessible to the growing universe of on-chain allocators diversifying away from legacy crypto exposure.
- Funds: With Tradable’s technology and infrastructure, on-chain investors accustomed to built-in liquidity can deploy into semi-liquid evergreen funds
Further reading from the Tradable blog: Q2 2026 Market Update and Tradable Agrees to Bring Up to $1 Billion in Tokenized Private Credit Assets to Stellar
Get Access
Whether you’re looking for access to co-invest opportunities, to syndicate credit exposure, or to manage fund exposure, Tradable connects institutional buyers and sellers across the full spectrum of private assets.
To learn more about the Tradable platform, contact capitalmarkets@tradable.financial.
The Tradable Team