Key Takeaways
- • Intercontinental Exchange (NYSE: ICE) launched ICE Private Credit Intelligence, a data infrastructure layer intended to bring greater transparency to the $40 trillion private credit market, with Apollo (NYSE: APO) as anchor partner.
- • The platform offers permissioned, standardized deal-level data sharing, scalable ingestion and extraction of deal documents, and planned future expansion into performance analytics and pricing insights.
- • ICE expects to onboard additional originators, asset managers and capital markets participants over the coming months.
- • Apollo reports nearly $10 billion of trading volume through its dedicated secondary trading effort launched last year, and is moving to more frequent pricing reporting across its credit business.
- • ICE Private Credit Intelligence is positioned to address the data gap as private credit increasingly substitutes for core fixed income allocations amid less liquid public fixed income markets.
Summary
Intercontinental Exchange, Inc. (NYSE: ICE) announced the launch of ICE Private Credit Intelligence, a service designed to bring greater transparency to the private credit market, according to a Business Wire release. Apollo (NYSE: APO) is supporting the launch as an anchor partner, and ICE expects to onboard additional originators, asset managers and capital markets participants over the coming months.
The company describes the $40 trillion private credit market as having grown rapidly over the past decade, driven by regulatory change, increased adoption among large, high-quality corporate borrowers and rising global demand for long-duration capital. ICE argues that as public and private markets converge, the data infrastructure supporting the asset class has not kept pace, creating a need for standardized data and clearer investor information.
The platform establishes a private credit data layer intended to be broadly consistent with the experience of public credit markets. Its stated features include secure, permissioned data sharing built on a standardized reference data set, which allows deal-level information to flow to authorized counterparties without broad exposure of proprietary data; scalable data distribution and extraction, using ICE's technology stack to ingest deal documents, extract key terms and distribute consistent information; and expanded capabilities over time, including performance analytics and pricing insights for portfolio management, risk assessment and market transparency.
Chris Edmonds, President of ICE Fixed Income and Data Services, said the company is applying its data science expertise to a service intended to address challenges in private credit. Eric Needleman, Partner and Head of Apollo Capital Solutions, said stronger infrastructure and standardized data will be required as the market evolves, and described the foundational data layer as an important step toward improving transparency and enabling more efficient market activity.
Apollo, a leading private credit manager, has taken several steps toward more frequent pricing and transparency. It launched a dedicated secondary trading effort last year that has already facilitated nearly $10 billion of trading volume, and it is beginning to transition to more frequent pricing reporting across its credit business. Apollo notes that private credit increasingly serves as a core fixed income allocation replacement in investor portfolios amid more fragmented and less liquid public fixed income markets.
ICE, which provides fixed income evaluations on approximately three million instruments and indices with $2 trillion in AUM benchmarked to them, frames the launch as an extension of its fixed income and data services franchise. A related ICE release, reported by Business Wire, referenced the launch of ICE IDs for Private Credit.
The company describes the $40 trillion private credit market as having grown rapidly over the past decade, driven by regulatory change, increased adoption among large, high-quality corporate borrowers and rising global demand for long-duration capital. ICE argues that as public and private markets converge, the data infrastructure supporting the asset class has not kept pace, creating a need for standardized data and clearer investor information.
The platform establishes a private credit data layer intended to be broadly consistent with the experience of public credit markets. Its stated features include secure, permissioned data sharing built on a standardized reference data set, which allows deal-level information to flow to authorized counterparties without broad exposure of proprietary data; scalable data distribution and extraction, using ICE's technology stack to ingest deal documents, extract key terms and distribute consistent information; and expanded capabilities over time, including performance analytics and pricing insights for portfolio management, risk assessment and market transparency.
Chris Edmonds, President of ICE Fixed Income and Data Services, said the company is applying its data science expertise to a service intended to address challenges in private credit. Eric Needleman, Partner and Head of Apollo Capital Solutions, said stronger infrastructure and standardized data will be required as the market evolves, and described the foundational data layer as an important step toward improving transparency and enabling more efficient market activity.
Apollo, a leading private credit manager, has taken several steps toward more frequent pricing and transparency. It launched a dedicated secondary trading effort last year that has already facilitated nearly $10 billion of trading volume, and it is beginning to transition to more frequent pricing reporting across its credit business. Apollo notes that private credit increasingly serves as a core fixed income allocation replacement in investor portfolios amid more fragmented and less liquid public fixed income markets.
ICE, which provides fixed income evaluations on approximately three million instruments and indices with $2 trillion in AUM benchmarked to them, frames the launch as an extension of its fixed income and data services franchise. A related ICE release, reported by Business Wire, referenced the launch of ICE IDs for Private Credit.
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