Benchmarks & Indices

The challenge

Private credit has grown into a major institutional asset class, but much of its benchmark infrastructure remains dependent on periodic reporting and valuation.

Quarterly observations can measure historical performance. They are less useful for understanding how the market is changing today.

Higher-frequency alternatives often introduce another problem — leaning on publicly traded equities, funds, or managers as proxies for the underlying private credit market.

The challenge isn’t simply greater frequency. It’s achieving greater frequency without losing connection to the underlying credit.

From periodic reporting to continuous measurement

Transparency Analytics applies a quantitative approach to the construction of private credit benchmarks and indices.

Rank

Establish a consistent quantitative view of the underlying credit risk across index constituents.

Value

Continuously incorporate changing credit fundamentals, rates, spreads, and market conditions to update valuations between conventional reporting periods.

Benchmark

Aggregate credit-level analysis and valuation into transparent indices designed to provide daily measures of private credit performance.

What daily benchmarking enables

Better measurement

Measure private credit directly and continuously, rather than relying on periodic, proxy-based estimates.

Portfolio & risk management

Distinguish portfolio-specific performance and risk from broader movements in private credit.

Hedging & risk transfer

Provide the daily pricing and benchmark infrastructure needed to support futures, swaps, and other mechanisms for transferring private credit risk.

New forms of exposure

Create a foundation for investors to gain or adjust exposure to private credit beyond traditional loan origination and ownership.

What you gain

Daily visibility

Move from periodic observations toward a continuously updated view of private credit.

Underlying-credit exposure

Benchmark the credits themselves — not the equity performance of managers, funds or other proxies.

Consistent methodology

Apply a common quantitative framework across issuers, sectors, and index constituents.

Transparent construction

Make index composition, methodology, and valuation assumptions explicit and repeatable.

Actionable benchmarks

Move beyond retrospective measurement toward benchmarks that can support investment, risk-management, and hedging decisions.