AI Agents in Excel: Transforming Financial Modelling for Private Capital Markets

Financial modelling is undergoing its most significant change since Excel became the industry standard. AI agents are now being embedded directly into familiar modelling environments, enabling faster model development, natural‑language interaction and continuous analytical support.

This shift is changing how decisions are made across private capital markets—broadening who can build and interrogate models, accelerating insight generation, and raising new considerations around governance, oversight and professional judgement.

Overview

For decades, Excel has sat at the centre of financial modelling. While the software has evolved, the fundamentals of model construction have stayed largely the same: specialist technical skills, manual processes and repetitive iteration.

AI agents are now beginning to change that dynamic. Embedded within Excel and related tools, they can assist with formula creation, automate repetitive tasks and allow users to interact with models using plain‑language prompts.

The direction is clear. AI will not replace financial modellers—but it will reshape the discipline. Models can be built faster, explored more deeply and used more continuously, shifting focus from mechanical construction toward interpretation, judgement and decision‑making.

Why Modelling Is Changing

Private capital markets are operating in an environment defined by speed, complexity and uncertainty. Deal teams are expected to evaluate more scenarios, incorporate more data and move faster—without compromising rigour or governance.

AI‑enabled modelling supports these demands by:

Reducing the time required to build and update models
Enabling wider participation across deal and investment teams
Supporting deeper scenario analysis and stress testing
Allowing models to become more dynamic as assumptions change

As a result, modelling is evolving from a static, labour‑intensive exercise into a more continuous and collaborative decision tool.

Key Themes

Lowering the Skill Barrier

AI agents can suggest formulas, generate structures, automate checks and streamline repetitive steps. This expands access to modelling while shifting core value toward commercial interpretation rather than technical build.

Governance, Risk and Control

Greater accessibility brings new risks, including inconsistent logic, undocumented changes and reduced transparency. Strong governance, auditability and review processes become more important—not less—as AI adoption increases.

Unlocking New Analytical Possibilities

AI‑enabled models make advanced scenario analysis, multi‑factor forecasting and continuous stress testing more practical, supporting analysis that was previously constrained by time or resources.

From Static Models to Living Tools

Models are increasingly becoming dynamic systems—updating assumptions, refining forecasts and supporting ongoing decisions as market conditions evolve.

What This Means for Private Capital Markets

Private Equity: Faster screening, deeper scenario analysis and more informed value‑creation planning

Sovereign Wealth Funds: Improved cross‑portfolio insight, stronger risk assessment and more consistent forecasting

Corporates: Greater flexibility to test strategic options, explore performance drivers and support capital allocation

How Kroll Can Help

Kroll supports private capital market participants as financial modelling evolves—helping teams adopt AI‑enabled approaches without compromising accuracy, governance or trust.

We combine deep modelling expertise with valuation, risk and forensic insight to help organisations design, review and govern AI‑augmented models. Working alongside investment teams, finance functions and boards, we help ensure outputs remain transparent, auditable and decision‑ready—supporting faster, more confident decisions.

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