Important takeaways.
- Levercon is the better fit for an Australian private lender that needs its monitoring cycle run rather than its data organised, with borrower data hosted in Sydney.
- S&P Global Market Intelligence's iLEVEL is a private markets portfolio monitoring platform for GPs and LPs. It supports covenant monitoring against credit agreement terms.
- S&P Global announced an iLEVEL MCP server for Copilot and Claude on 22 October 2026. Levercon's agents already run inside Claude, Copilot and ChatGPT via MCP.
- Choose iLEVEL to standardise on S&P Global data and benchmarks. Choose Levercon when the borrower packs still need to be chased, spread, tested and written up every period.
- Levercon hosts client data on AWS, exclusively in Sydney, and is priced per loan, per month. The iLEVEL releases checked state neither hosting nor a pricing model.
Levercon is the better fit for an Australian private lender that needs its monitoring cycle run rather than its data organised, with borrower data hosted in Sydney. S&P Global Market Intelligence's iLEVEL is a private markets portfolio monitoring platform for GPs and LPs. It supports covenant monitoring and, since 22 October 2026, an MCP server for Copilot and Claude. Here is how the two compare in 2026.
Disclosure first. This page is written by Levercon. Everything said about iLEVEL comes from iLEVEL's own website, read on 28 October 2026, and "Not stated" means the pages checked do not make the claim. S&P Global's iLEVEL product pages refuse automated reading, so the iLEVEL column draws on S&P Global's own press releases.
How do Levercon and iLEVEL compare?
Choose Levercon when
- You want borrower data hosted in Sydney, on AWS.
- You want a team in Melbourne and Sydney, in your time zone.
- You want to keep your own Excel model, templates and system of record.
- You want every covenant reported as headroom or breach, with the cure sized.
- You want analysts to run monitoring inside Claude, Copilot or ChatGPT.
- You want to pay per loan, per month, and pilot on part of the book first.
Choose iLEVEL when
- You are an LP or multi-asset GP standardising on S&P Global data.
- You want performance benchmarks from S&P Global's private markets datasets.
- You want the option to outsource valuations to S&P Global.
How do Levercon and iLEVEL compare in detail?
Company and data.
 Levercon |  iLEVEL | |
|---|---|---|
| Based in | Melbourne and Sydney | Not stated |
| Hosting | Levercon-hosted on AWS, exclusively Sydney | Not stated |
| Pricing model | Price per loan per month, with pilot opportunities | Not stated |
| Lenders supported | Private credit, corporate and direct lending, asset-backed, agricultural, non-bank, venture debt, revenue-based | Private credit, real assets, private equity |
The monitoring cycle.
| Levercon | iLEVEL | |
|---|---|---|
| Reporting collection | Chases each pack by email and portal, lists what is late | Not stated |
| Spreading | Any format into your own fields, each figure linked to its page | Document search across portfolio documents |
| Covenant output | Headroom, breach, cure sized | Compliance against credit agreement terms |
| Borrower figures checked | Certificate checked against the agreement and your calculation | Not stated |
| Figure traced to source | Source document, model input and covenant definition | Data points linked to original sources |
| Reporting | Monitoring note drafted in your template, cited, routed for sign-off | Performance analytics |
AI and delivery.
| Levercon | iLEVEL | |
|---|---|---|
| How it is delivered | Agents around your own model, templates and system of record | Software, with valuations self-service or outsourced |
| Runs inside AI tools | Claude, Copilot, ChatGPT via MCP | Copilot and Claude via MCP |
| Australian and APAC rules | FSC Standard 30, MAS AI guidelines | Not stated |
| Before go-live | Run against prior periods you already signed off | Not stated |
When do Australian lenders look beyond iLEVEL?
The search usually starts when a lender realises it needs work done rather than data organised. Borrower packs still have to be chased, spread into the model and tested against the facility agreement each period. The monitoring note still has to be written and signed off. Data platforms make those steps easier to see. Levercon's agents carry them out, inside the AI tools the team already uses, with every figure traced to its page.
What does iLEVEL do well?
iLEVEL has scale behind it. It powers S&P Global's private markets performance datasets, links every data point in its document search to the original source, and supports covenant monitoring against credit agreement terms. It now exposes its data to Copilot and Claude through MCP. For an LP or a multi-asset GP standardising on S&P Global data, it is a natural choice.
How does pricing compare?
Neither vendor publishes a price. Levercon prices per loan, per month, with pilot opportunities, so the cost follows the size of the book and a lender can prove it on part of the portfolio first. The iLEVEL releases checked do not state a pricing model, so ask S&P Global what the unit is.
How does Levercon run the monitoring cycle?
Levercon is delivered, not just switched on. Nothing goes live until it has matched monitoring work the lender already signed off.
- Understand the monitoring process. How monitoring runs today, where the time goes and what good looks like.
- Map the data and requirements. Data sources, reporting requirements and covenants, so the agents have the context for each borrower.
- Build and connect the agents. Configured around the lender's process and connected to its systems.
- Run them against prior periods. The agents' outputs are compared with completed monitoring work before anything goes live.
- Go live with the team. Analysts run monitoring, review outputs and approve results inside Claude, Copilot or ChatGPT.
- Track and improve. A dashboard brings reporting status, borrower trends and portfolio risks together.
In Levercon's published case study, a $500m corporate lender cut monitoring from nine hours to two per loan, saving more than $180K a year in analyst time. To weigh iLEVEL against the wider field, see iLEVEL alternatives in Australia or the full comparison.
Questions this guide answers.
Is Levercon or iLEVEL better for an Australian lender?
For a private lender that needs its monitoring cycle run rather than its data organised, Levercon. Levercon is headquartered in Melbourne and Sydney and hosts client data on AWS, exclusively in Sydney. It works around the lender's own model, runs inside Claude, Copilot or ChatGPT via MCP, and is priced per loan, per month, with pilot opportunities.
Does iLEVEL do covenant monitoring?
Yes. S&P Global says iLEVEL supports private credit workflows including covenant monitoring against credit agreement terms. Levercon tests every covenant against the lender's register, reports headroom or breach and sizes the cure.
Does iLEVEL work with Claude and Copilot?
S&P Global announced an iLEVEL MCP server for Copilot and Claude on 22 October 2026. Levercon's analysts already run monitoring and approve results inside Claude, Copilot or ChatGPT via MCP.
Where is Levercon's client data hosted?
Levercon hosts client data itself, on AWS and exclusively in Sydney. The iLEVEL press releases checked do not state where iLEVEL client data is hosted.
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