Compounding Intelligence for the next era of private markets

Historically, every new private credit deal has started from scratch, but it doesn’t have to be that way. You’ve already underwritten deals with comparable structures, sponsors, and covenant packages, and the diligence work is sitting in an old memo somewhere. The hard part is finding it and making it usable (a task that LLMs struggle with as context grows).

I started F2 to close this gap. For private credit firms and banks, a lender's experience is its competitive advantage, and for most firms it's scattered across old memos, lost models, and former colleagues who have since moved on. When you can structure and reference your firm’s experience, every underwrite gets faster, and every analyst gains the pattern recognition of your most experienced MD.

And the advantage compounds. For most of private credit's history, a firm's institutional knowledge was erased with every hire, every resignation, and every deal closed and filed away. For the first time, it can compound instead — and the firms that build their own experience into how they work will hold an edge that's impossible to replicate.

$24M to build the Intelligence Layer for private credit

Today, we're announcing $24 million in total equity funding, including a $14 million seed round led by HighlandX, with participation from our existing investors Left Lane Capital, NFX, Y Combinator, and Torch Capital.

We built F2 on a simple conviction: a lender's deal history should make every future deal faster and more defensible. This capital lets us build that intelligence layer and put it in front of more of the teams who underwrite credit every day.

Why now

Private credit is on track to approach $4 trillion in assets by 2030, roughly double today's level, with M&A and buyout activity expected to accelerate. Competition between dealmakers has ballooned, and the firms winning bids have to move quickly while raising their underwriting standards.

A credit team can only screen, diligence, and underwrite so much in a quarter, and the bottleneck is rarely capital; it's the time of the people doing the work. F2 lifts that ceiling, with customers running roughly 5x the throughput across screening, underwriting, and monitoring.

What we've built

We’ve been fortunate to work with some of the leading credit firms in the industry, including Bain Capital and Live Oak Bank, plus dozens more across North America, the UK, Europe, and Asia. Our early numbers:

• 100+ private credit funds and commercial banks, monthly active users up 650% this year
• $400B+ in assets managed by F2 customers
• 10x growth in deals analyzed this year, to more than 15,000
• 5x throughput across screening, underwriting, and monitoring

F2 delivers end-to-end agentic workflow automation for lenders, customized to each enterprise. Built as a multi-model agentic system, the platform leverages Opus 4.8, ChatGPT 5.5, and Gemini 3.5 Flash, alongside proprietary Microsoft Office Suite native LLM tools. This architecture outperforms generic agents like Claude Cowork on complex credit workflows while delivering up to 3x token efficiency.

Coming from Wall Street, I know how important security is for firms managing proprietary data. It’s something we’ve been committed to since day 1. F2 delivers enterprise-grade data privacy and security, with zero-day data retention by LLMs and no training on proprietary client data.

This raise will power our new capabilities and platform expansion:

• Institutional Knowledge: Every deal the firm has evaluated — now structured and queryable, growing on its own with each new underwrite.
• A partnership with Google Gemini Enterprise, giving Google's financial services customers direct access to the full F2 platform.
• Portfolio Monitoring (coming soon): Covenant performance, exposure testing, and fund-level reporting, tracked automatically — extending F2’s platform from underwriting through post-close.

"F2 is the rare tool that actually delivers on the promise of efficiency. It accelerates our turnaround times while ensuring every underwriting file meets the same high standard."

— Alex ter Wee, Managing Director, Live Oak Bank

Meet Adam

Today, we're introducing Adam, our most advanced agent yet.

Adam operates as an autonomous director for the entire deal workflow — breaking a deal into its parts and delegating tasks to specialized sub-agents. Built on top of Institutional Knowledge, it ensures that the inputs that matter — assumptions, memos, sources, and decisions — persist within the firm's intelligence layer.

Adam is how teams show up to work, with the full context of every deal the firm has ever done. For credit teams, the payoff is deeper conviction in a fraction of the time — more deals diligenced without added headcount, and an audit trail behind every IC decision.

What comes next

We are putting this funding to work scaling customized deployments of agentic workflows across more private credit funds and commercial banks, expanding the platform, and growing our engineering and enterprise deployment teams in New York, San Francisco, and London.

None of this happens without the teams who trust F2 with their most important work, the people building it, and the investors behind us. The winning firms of the future will be those working from their own, growing, proprietary deal data — lenders who start now will define the next era of private markets. We're building for them.

If that sounds like your kind of problem, we're hiring.