Private Credit Market Pulse: What LPs Want from Their Data and How to Deliver It
Limited Partners (LPs) continue to demand better data, faster, and with full transparency. At this week’s Private Credit Tech Summit in New York, I moderated a panel of industry leaders for a discussion on where LP expectations are heading and the challenges managers face trying to meet them.
My fellow panelists included:
· Charlie Tafoya, Co-Founder and CEO of Chronograph
· Marios Tsiptis, Senior Portfolio Manager
· Arnab Mazumdar, Partner at Pantheon
We explored the evolving expectations of LPs, the operational hurdles General Partners (GPs) face, and the technology shaping the next frontier of data transparency in private credit.
What follows is where we landed.
LP Expectations Are Outpacing the Status Quo
Quarterly performance reports and aggregate numbers used to be enough. But Marios Tsiptis explained that today’s LPs (particularly insurance companies) want detailed, timely insight into exactly what they own and what risks they’re carrying.
From Pantheon’s fund-of-funds vantage point, Arnab Mazumdar laid out three foundational data pillars:
1. Performance metrics
2. Operating and credit-level data
3. Consistency across managers
Lagging information and inconsistencies across investment structures, especially between SMAs and feeder funds, create significant friction. Structure matters, and data must be complete, accurate, and delivered on LP terms.
The Operational Reality: Bridging Ambition and Execution
Charlie Tafoya, who works closely with GPs via Chronograph, provided a sobering view of the day-to-day realities. Many managers are eager to modernize, but they’re grappling with:
· Delays in data delivery
· Data quality and validation issues
· Fragmented internal processes
There’s just no getting around the fact that investment teams simply must be embedded in the data flow. Too often, front-office insights are siloed from the operations teams responsible for reporting. “The investment team is the source of truth,” Charlie noted, making their engagement essential to any successful data transformation.
Meanwhile, Arnab called for a convergence of internal monitoring and external reporting. Aligning what GPs see internally with what they share externally could yield benefits across the board—but cultural and technological hurdles remain.
Technology as Enabler, Not Panacea
Tools that support data interoperability, real-time reporting, and workflow automation are rapidly maturing. But challenges persist around integration with legacy systems and data standardization.
From the LP side, Marios painted a picture of an ideal future. Intuitive dashboards, seamless access across portfolios, and fully integrated delivery pipelines all featured prominently in this future. But the road leading there is still under construction.
According to Arnab, the next few years will hinge on industry standardization and early adopters gaining a competitive edge, while laggards risk being left behind.
Transparency builds trust—but it requires real operational change.
More than just a tech problem, this requires a cultural shift. GPs and LPs need to work as true partners in designing data ecosystems that are not only robust and scalable, but also reflect the growing sophistication of the private credit space.
As the private markets evolve, so too must the infrastructure that supports them. Those who succeed in this transition will not only meet the expectations of today’s LPs, but also shape tomorrow’s.
