Cap Orbit vs Hebbia: Full Deal Execution vs Document Research
Last reviewed September 2026
Hebbia Matrix runs questions across large document sets and returns cited answers in a grid. Cap Orbit builds the CRE deal record. Extract the rent roll, build the Excel model, and draft from its computed cells. Reconcile closing and track ownership. Your team edits the files beside the terminal.
At a glance
| Compare | Cap Orbit | Hebbia |
|---|---|---|
| Built for | Institutional CRE investment teams: acquisitions, credit, asset management | Institutional finance and legal broadly: private equity, credit, hedge funds, banks, law firms |
| The model | A real Excel workbook with live formulas, checked against your house formula standards. It opens as a spreadsheet in Cap Orbit, and the team and the terminal type into the same cells. Base, Upside, and Downside re-price off one switch | A model generated as an Excel export from document synthesis; no formula evaluation inside the platform |
| Documents | Rent rolls, T-12s, lender PDFs, and scanned pages read into extracts, every figure traced to its source and footed to the document’s own totals | Cross-corpus question answering, every answer cited |
| Sources | Uploads, plus SharePoint, OneDrive, Dropbox, and Box folders linked to the deal and attachments filed from Outlook. The terminal reads only inside the folders you linked | Connections to SharePoint, OneDrive, Box, Dropbox, and Intralinks, alongside premium market data and expert transcript feeds |
| Memos | Screening, IC, and credit memos in the firm’s own voice, every figure pulled from the model. The memo opens ready to mark up, with every change tracked under your name | IC memo drafting from the document corpus, plus slide output to PowerPoint and Google Slides |
| Deal lifecycle | Screening through underwriting, IC, closing, and the hold, on one record, with a frozen snapshot at each phase | Diligence and research through the memo; their public materials describe no closing reconciliation and no property-level record of the hold |
| Where the work lives | On the deal record, edited in place. Teammates work the same sheet at the same time, and the terminal’s edits arrive as revisions you can see and undo. Every save keeps a version you can restore | Matrix grids and shared projects; finished work leaves as Excel and slide exports |
| Your data | Each firm has its own database and document storage. Files, prompts, and outputs are not training data | SOC 2 Type II and ISO 42001 certified, no training on customer data; a shared service without published per-customer isolation |
The short answer
From research answers to deal files.
Hebbia’s core surface is the Matrix: documents down one side, questions across the top, a cited answer in every cell. It is built to read, across CIMs, credit agreements, filings, data rooms, and expert call transcripts, for private equity, credit, and legal teams at once. The output is research: synthesized, sourced, fast.
Cap Orbit reads the full deal file, including rent rolls buried in workbook tabs. Build Excel workbooks with live formulas, Word memos in your format, and decks your committee can use. Edit all three in the same tab beside the terminal, with revisions you can inspect and undo. Carry the record through closing and ownership.
Credit where due
Where Hebbia is strongest.
The scale is real. Hebbia has processed over 1.5 billion pages, handles around 200,000 prompts a day, and counts more than a third of the world’s largest asset managers by assets under management as customers, with KKR, MetLife, and Centerview Partners among its named customers. If the job is putting a vast corpus under one question and getting cited answers back, that is the job it does.
On data, the two start from different places. Cap Orbit reads what the deal holds: the uploads, the SharePoint, OneDrive, Dropbox, or Box folder where the broker package sits, the attachment the lender sent through Outlook. Nothing beyond the folders you linked. What it does not carry is a third-party data subscription. Hebbia connects to FactSet, S&P Capital IQ, PitchBook, Preqin, Bloomberg, Third Bridge expert transcripts, ICE, and Fitch Solutions, and pulls deal contents from SS&C Intralinks data rooms. A multi-strategy firm whose teams live on those feeds will weigh that.
- Scale: questions answered across thousands of documents in one pass
- Data reach: premium market data and expert call transcripts alongside your own documents
- Breadth: one research surface serving private equity, credit, hedge fund, banking, and legal teams
- Slide output: Matrix analysis converted directly into PowerPoint and Google Slides
The model
Cap Orbit shows the math.
Hebbia’s model generation produces an Excel export from the documents it has analyzed. The platform itself does not evaluate formulas. The model leaves the system the moment it exists, and everything after that happens by hand.
Extract the rent roll unit by unit and trace figures to file, sheet, and row. Normalize the T-12 with an NOI bridge. Compare proposed assumptions with current values and their rationale, then accept before they are written. Or edit a cell beside a colleague and watch formulas recalculate. The next terminal pass uses your changes, and the workbook opens cleanly in Excel.
Past the model, the lifecycle keeps going. The memo reads the model’s computed cells, so prose and workbook cannot drift. Closing reconciles the settlement statement against the contract, the loan, and the underwrite, and trues the going-in basis to what actually closed. Asset management closes each period against budget and the original underwrite. Finishing a phase freezes a timestamped snapshot and leaves the working model live. As of September 2026, Hebbia’s public materials describe neither job: no closing reconciliation, no property-level record of the hold.
The audit chain
Follow the figure through the formula.
Hebbia links every cell in a Matrix back to the document that produced it. For research that chain is what a reviewer needs: here is the claim, here is the page.
If committee questions a 7.9% debt yield, show how it was calculated. Follow the memo figure to a computed cell, its formula, and the extracted inputs. Trace each input to file, sheet, and row. Comment on the cell or paragraph and mention the terminal to get a reply in the thread.
The decision
Hebbia for the reading room, Cap Orbit for the deal team.
If your firm reads for a living, across strategies, across thousands of documents, with premium data and expert calls in the mix, Hebbia covers that reading work, and covers it well.
Use Cap Orbit for a sourced underwrite, an editable model, and a memo in your voice. Reconcile the close and track the hold. Your committee owns the decision; the terminal makes no pursue-or-pass call.
Some firms may use Hebbia for credit and private-equity research while their real-assets team works in Cap Orbit. Evaluate each against the job it needs to do.
Common questions
Does Hebbia cover commercial real estate underwriting?
It can read CRE documents the way it reads any corpus, and read them well. But as of September 2026 its public materials describe no CRE-specific workflows: no rent roll or T-12 ingestion, no property-level underwriting, no per-asset-class models. Cap Orbit is built for exactly that, with a catalog of house Excel models across sectors and strategies, asset-management trackers among them, and your own templates attached beside them.
Both products cite sources. What actually differs?
The length of the chain. Hebbia links each answer to the document behind it: claim to source. Cap Orbit traces a figure through the math: from the memo to the model’s computed cell, through the formula, to the extracted input and the exact file, sheet, and row. For research the shorter chain is enough. For an underwrite, the committee asks how the number was computed, not just where the inputs came from.
Does the work leave Cap Orbit as an export, the way a Matrix grid leaves as Excel?
No. The workbook opens as a spreadsheet in Cap Orbit. The memo opens ready to type, every change tracked under your name. The deck opens as a deck, with a real caret in the text box and a slide rail to reorder. Excel, Word, and PowerPoint are for the version you send out, and the file opens there without repair, charts and pivots intact.
How do the two compare on data isolation?
Hebbia is SOC 2 Type II and ISO 42001 certified and does not train models on customer data, but it runs as a shared service, and nothing in its public security materials describes per-customer isolated deployments. Each firm on Cap Orbit has its own database and its own document storage. On Enterprise the whole platform deploys into the firm’s own AWS account, with single sign-on and customer-held keys. Customer files, prompts, and outputs are never used to train models.
What does each one cost?
Hebbia sells enterprise contracts; third-party reporting puts its professional tier at roughly $10,000 per seat per year, with usage unlimited within the tier. Cap Orbit sells two tiers. Pro is for funds and deal teams of up to 50 people, up and running with live deals within 24 hours. Enterprise deploys into the firm’s own AWS account, with single sign-on and customer-held keys. Both run the same full platform.
How do we evaluate Cap Orbit on a live deal?
Ask for a working session on one live deal. We run it end to end in your formats, with your team watching every step, and you judge the fit on your own documents before any wider rollout.
Keep comparing
See it on one of your own deals.
Request a working session and run a live deal through Cap Orbit, in your own files and house format.