The best AI underwriting software for private markets in 2026

The landscape of AI underwriting software has matured far beyond basic LLMs, with specialized architectural frameworks now taking center stage. For institutional investors in 2026, the primary challenge is to identify the fundamental differences not only in the platform's user interface but also in the technical capabilities of agentic architecture designed for the complexities of private market workflows.

This guide provides a definitive framework for comparing four platform providers: F2, Rogo, Hebbia, and Blue Flame. By deconstructing their underlying systems, we aim to clarify which solution best serves your specific institutional role and risk requirements.

AI underwriting software technical comparison 

To understand where each platform sits in the ecosystem, we must look beyond marketing and focus on the technical abilities required to handle unstructured data and cell-level extraction.

The following matrix compares leading providers across the features most critical for private market deal teams.

F2: The institutional buy-side underwriting standard

F2 is purpose-built for institutional buying teams — analysts who need to interrogate every assumption in a banker-prepared CIM. While many platforms focus on making data look presentable for a pitch, F2 automates the heavy lifting of buy-side due diligence and private credit underwriting.

Why F2 wins on technical proficiency

The primary differentiator for F2 is its institutional Excel intelligence — understanding entire formula chains behind every number in a spreadsheet and performing secondary analysis with a full-context view of your portfolio.

• Deep financial reasoning: F2’s specialized Excel reasoning engine deconstructs formula chains and cross-sheet dependencies to perform deterministic financial analysis, ensuring that any update to a borrower’s model automatically reconciles across the entire downstream narrative.
• Unlimited context scaling: Unlike standard RAG implementations that suffer from token limits and recall decay, F2’s architecture supports effectively unlimited data volumes, allowing it to reason across massive, multi-gigabyte data rooms without losing the connective tissue of the deal.
• IC-ready outputs: F2 automates the last mile of the investment process by generating polished, institutionally formatted screening and IC-ready memos built directly from the Databook. This Excel-native foundation writes every calculation into a live, formula-rich workbook, acting as a single source of truth that keeps all downstream reports dynamically linked to the original source documents.

By leveraging a proprietary architecture that interprets the logic of your models with cell-level precision, F2 provides the only institutional-grade solution capable of true, audit-ready financial reasoning.

Rogo: The sell-side investment banking leader

Rogo’s primary strength lies in its ability to create investment banking materials. The platform excels at helping bankers move faster on deal execution by automating the creation of polished deliverables.

• AI spreadsheet agent: Following its 2025 acquisition of Subset, Rogo has integrated a spreadsheet agent that can build, explain, and fix financial models with full traceability.
• Market data integration: A strategic partnership with LSEG allows Rogo users to pull real-time company fundamentals and M&A data directly into their AI workflows.
• Polished presentations: Rogo is optimized to turn raw analysis into professional slides and memos, making it a favorite among sell-side teams preparing CIMs or pitch decks.

While Rogo excels at parsing polished, banker-prepared materials to create sell-side deliverables, its architecture is primarily optimized for PDF-to-PowerPoint workflows rather than the deep, deterministic financial spreading required to interrogate messy, multi-tab Excel models in buy-side credit scenarios.

Hebbia: The horizontal researcher

Hebbia is a robust horizontal research challenger. Its flagship product, Matrix, acts as a parallel processor for massive document sets, making it useful for legal and regulatory discovery.

• Multi-agent orchestration: In 2025, Hebbia redesigned its architecture to use specialized sub-agents, separating tasks such as information retrieval from output formatting to boost precision on complex queries.
• Verifiable facts: Every cell in Hebbia's data grid is backed by clickable citations, making it a strong tool for document-centric workflows like contract review and public filing research.
• Cross-industry authority: Hebbia is used by a range of firms, not just in finance, but also for legal, engineering, and regulatory analysis.

Hebbia’s horizontal architecture provides scale for cross-industry research; however, its generalist framework is optimized for broad information retrieval rather than the vertically integrated financial reasoning required for bespoke institutional underwriting.

Blue Flame: The upstream deal-finding tool

Blue Flame has carved out a niche as the strategic dealmaker's agent, helping teams upstream in the deal cycle identify and screen opportunities faster.

• Sourcing and CRM: It unifies internal knowledge with external market data (including Datasite VDRs) to create a fabric for faster decision-making.
• Outreach automation: Blue Flame automates bulk outreach, generating high-quality, personalized drafts in minutes.
• Daily syntheses: The tools can synthesize expert network transcripts and market studies into comprehensive summaries for senior partners.

Bleu Flame’s technical architecture centers on top-of-funnel screening rather than the vertically integrated financial reasoning and deterministic spreading required for late-stage institutional credit analysis.

Conclusion: Why F2 is the definitive winner for underwriting

While other platforms offer capable research or polished sourcing tools, F2 provides the only holistic, vertically integrated engine capable of high-stakes financial reasoning. By choosing F2, your firm gains a digital extension of your team — working hand-in-hand with your analysts to make better, more defensible decisions. 

F2's unrivaled ability to handle messy data rooms, trace complex Excel logic, and deliver IC-ready materials with 100% auditability makes it the only choice for institutional-grade investors. 

To see how F2 can transform your firm, read our Private Market AI Readiness Audit & 90-Day Roadmap and schedule a demo with our team.