Private Credit+
CMPASS
Beneath the Surface
The Undercurrents Shaping Private Credit+
Oxane's 'Credit-Exclusive'
Industry Survey
ABOUT THE SURVEY
From February to April 2026, Oxane surveyed 380+ senior credit leaders across leading global private credit markets, aimed to be the only survey of this scale focused exclusively on credit. All respondents held the title of Director and above, including Oxane clients whose aggregate AUM hosted on our platform totals $1.4 trillion.
380
Respondents from leading banks, asset managers and private credit funds
$4T+
Aggregate Credit AUM
90%
From the Investment Management and Portfolio Management functions
89
Global firms participated in the survey
Operations & Tech Readiness

The ambition is consistent across every firm type. The delivery gap is not.

Three forward signals, capital growth, technology spend, AI adoption, mapped against the operational challenges each firm type is actually grappling with. Select two firm types to compare.

Firm type A
▾
VS
Firm type B
▾
Asset Managers
AUM growth expectation 84%
84% expect AUM growth — though 4.7% anticipate a decline, the only firm type with meaningful downside expectations
Technology budget commitment 84%
84% are increasing tech budgets — predominantly through third-party systems rather than in-house build
AI adoption — piloting or in production 84%
84% have AI in pilot or production — but 12% are still only exploring, the lowest active engagement rate
TOP OPERATIONAL CHALLENGES - ASSET MANAGERS
Legacy modernization 35%
Valuations and risk management 39%
Cybersecurity risk management 42%
Banks
AUM growth expectation 79%
79% expect growth — banks are scaling steadily, increasingly alongside institutional capital rather than in competition with it
Technology budget commitment 77%
77% are increasing tech budgets — and banks have the highest in-house build rate of any firm type (41–50% across functions)
AI adoption — piloting or in production 90%
90% of banks have AI in implementation — the highest of any firm type. The conventional view of banks as AI laggards is not supported
TOP OPERATIONAL CHALLENGES - BANKS
Cybersecurity risk management 32%
Legacy modernization 33%
Valuations and risk management 38%
▶ Signal for Asset Managers: Asset managers buy rather than build across most critical functions, and 42% cite cybersecurity as their top concern, the highest of any firm type. The risk is concentration: operational dependency in third-party systems they do not control.
▶ Signal for Banks: Banks lead on AI-in-production. The challenge is not capability, it is transparency. Regulators and capital allocators increasingly require real-time visibility across every financed portfolio. Legacy systems are what stand in the way.

Build vs Buy — where each function sits

Each bubble is a business function. Its position shows in-house build rate against third-party reliance. Switch firm type to see how the landscape shifts.

BUILD ZONEBUY ZONE52%PortfolioPortfolioManagementManagement47%EnterpriseEnterpriseDataData43%Origination &Origination &PipelinePipelineManagementManagement42%Underwriting andUnderwriting andDue DiligenceDue Diligence41%Pricing /Pricing /ValuationsValuations53%Collateral &Collateral &Risk Monitoring Risk Monitoring 55%TreasuryTreasuryManagementManagement
Build dominant
Buy dominant

The Modernisation Agenda

78%
of firms are significantly increasing technology budgets- every increase is above 20%

The investment intent is unambiguous. Four in five firms are growing technology spend significantly — and the strategic question has shifted from whether to invest, to what to invest in. Security, scalability, execution certainty and financial stability are the top four evaluation criteria for new technology partners.

AI capabilities are ranked at the bottom . The market is not buying AI-first — it is selecting for infrastructure it can trust to run critical operations, and expecting AI to be embedded within it. The chart below ranks the twelve evaluation criteria by importance, and reorders dynamically by firm type.

Vendor evaluation criteria — ranked by importance
% rating as Critical or High priority · hover any row for firm-type context · rows reorder dynamically
50% 60% 70% 80% STRONG PREFERENCE TABLE STAKES NON-NEGOTIABLE Security & Data maturity77% Scalability71% Interoperability71% Execution certainty69% Financial stability67% Client references66% Product-need fit63% Total cost of ownership63% User training & adoption63% Domain expertise61% Product roadmap61% AI capabilities58%
Hover any criterion to understand what it means for this market

THE FORWARD VIEW

Beyond the Horizon: Private Credit+ at Scale

Compass 2026 points to a market confident in its growth prospects but more realistic about what scale requires. Capital intent is strong, the asset mix is broadening, and technology investment is rising. The findings show a market still moving forward — but with a sharper understanding of the operating demands ahead.

The next phase will not be measured by capital formation alone. Firms will need a control environment that brings data, valuations, risk, monitoring and reporting into a single transparent framework. The opportunity is significant. Scale will require discipline.

Forward View