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F2 alternatives for private markets diligence
F2 describes itself as “the agentic operating system for global credit”. It turns a firm’s proprietary data and institutional knowledge into systems for deal screening, underwriting and portfolio management, and its stated users are credit-focused. Hebrides serves family offices, VCs and PE teams who diligence and value companies. This page sets out where the two differ.
What F2 is
According to F2’s February 2026 announcement, its Audit Mode puts every calculation in a live, source-linked workbook: click a number to see the formula, precedents and source file, sheet and cell. F2 states SOC 2 Type II and GDPR compliance and names Golub Capital among its customers. It does not publish pricing. (Sources: f2.ai, read 22 October 2026; F2 announcement, BusinessWire, 17 Feb 2026.)
What Hebrides does
Hebrides takes the same documents-in, sourced-facts-out approach and extends it beyond the workbook. It reads whole data rooms, extracts information from Excel with specialised systems, and brings far more data into financial forecasting than a workbook holds. Valuation, forecasting and portfolio monitoring sit in the same workspace, and every fact carries its source.
Side by side
| Measure | F2 | Hebrides |
|---|---|---|
| Built for | Global credit: deal screening, underwriting and portfolio management | Family offices, VCs and PE teams |
| Inputs | IC memos, models, credit agreements and surveillance reports; data room material per its February 2026 announcement | Whole data rooms, documents, Excel workbooks, OneDrive and Google Drive files |
| Output | Source-linked Excel workbooks with an audit trail to the cell | A sourced diligence read, valuation, forecasts and portfolio monitoring in one workspace |
| Valuation and forecasting | Not described on its homepage | Comparables from Dealroom, multiple valuation methodologies, and the Mayar forecasting model |
| Security | SOC 2 Type II and GDPR (stated by F2) | SOC 2 Type II and ISO/IEC 27001:2022 |
| Integrations | None listed on its homepage | Attio, Granola, OneDrive, Google Drive and Fireflies |
| Pricing | Not published | Not yet published |
Forecasting evidence
Mayar, the Hebrides forecasting model, beat all four benchmark forecasts of 2025 operating profit across 2,638 UK private companies. It was directionally more accurate than each benchmark for a majority of companies: 74.1% against simulation, 67.8% against growth drift, 66.8% against drift and 65.7% against a naive last-year forecast. The test covers one forecast year and one line item, measures direction only, and past results do not predict future accuracy. Read the Mayar forecast accuracy study.
When F2 is the better choice
Your team underwrites credit and wants an Excel-based audit trail down to the cell.
When Hebrides is the better choice
Your team is a family office, VC or PE firm and wants diligence, valuation, forecasting and monitoring from the documents in one workspace, with a citation on every fact.
Questions
Does Hebrides produce Excel workbooks like F2?
Hebrides reads Excel and works beyond the workbook. It does not position its output as an Excel-native model.
Does Hebrides read data rooms?
Yes, whole data rooms.
How do I see Hebrides?
Competitor information is taken from public pages and is vendor-reported. Last checked 22 October 2026.
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