Key Takeaways
- • Kroll and StepStone Group have enhanced the Kroll StepStone Private Credit Benchmarks platform, introduced in September 2025, with a redesigned interface, 10+ years of extended history, and new filters and risk indicators.
- • A new Risk Indicators (Outstanding Loans) module tracks the share of loans priced below 90, the share with interest coverage below 1x, and the share with EBITDA below zero.
- • The benchmarks are built on loan-level data from more than 15,000 deals and are updated weekly, covering primarily U.S. and European markets on an anonymized basis.
- • Publisher coverage describes the release as adding payment-in-kind (PIK) indicators, tracking non-cash interest usage across private credit, though the primary announcement does not itemize PIK metrics.
Summary
Kroll and StepStone Group have announced major enhancements to the Kroll StepStone Private Credit Benchmarks platform, according to the companies' announcement. The benchmarks were introduced in September 2025 and are positioned as a market barometer for private credit performance, allowing asset managers and investors to compare their strategies against aggregated market data. The companies said the update was built in response to strong client demand.
The release includes a fully redesigned user interface with interactive charts. New features include an Overview Dashboard for side-by-side comparison of benchmarks and indicators, extended history of more than 10 years of exportable data for full-cycle context, and new filters that segment the market by use of proceeds and by sponsored versus non-sponsored deals. Enhanced analytics include a Market Structure tool for cross-sectional analysis by sector, size and country, and a Market Map offering a grid view of all benchmarks and available indicators.
A new set of risk indicators for outstanding loans allows users to monitor the percentage of loans priced below 90, the percentage with interest coverage below 1x, and the percentage with EBITDA below zero. Publisher coverage of the launch, including Citywire, characterizes these additions as payment-in-kind indicators tracking non-cash interest across private credit.
The companies said the benchmarks are built on loan-level data and information from more than 15,000 deals, which they contrast with fund-level aggregates or modeled estimates. The data is updated weekly with new primary market data and includes extensive coverage of U.S. and European markets. The companies state the tool is intended to help allocators make informed allocation decisions, set loan terms and pricing, and monitor portfolios.
The release includes a fully redesigned user interface with interactive charts. New features include an Overview Dashboard for side-by-side comparison of benchmarks and indicators, extended history of more than 10 years of exportable data for full-cycle context, and new filters that segment the market by use of proceeds and by sponsored versus non-sponsored deals. Enhanced analytics include a Market Structure tool for cross-sectional analysis by sector, size and country, and a Market Map offering a grid view of all benchmarks and available indicators.
A new set of risk indicators for outstanding loans allows users to monitor the percentage of loans priced below 90, the percentage with interest coverage below 1x, and the percentage with EBITDA below zero. Publisher coverage of the launch, including Citywire, characterizes these additions as payment-in-kind indicators tracking non-cash interest across private credit.
The companies said the benchmarks are built on loan-level data and information from more than 15,000 deals, which they contrast with fund-level aggregates or modeled estimates. The data is updated weekly with new primary market data and includes extensive coverage of U.S. and European markets. The companies state the tool is intended to help allocators make informed allocation decisions, set loan terms and pricing, and monitor portfolios.
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