Compass 2026: Explore more

×
Private Credit+

Compass 2026: Industry’s largest ever credit-exclusive study

380+

Senior market leaders surveyed

89

Global investment firms

$4T+

Aggregate credit AUM

380+

Senior market leaders surveyed

89

Global investment firms

$4T+

Aggregate credit AUM

Private Credit Prism: Different Firms. Distinct Priorities. One View

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

Firm type A
VS
Firm type B
Asset Managers
AUM growth expectation
84%
Technology budget commitment
84%
AI adoption
84%
Banks
AUM growth expectation
79%
Technology budget commitment
77%
AI adoption
90%
TOP OPERATIONAL CHALLENGE
ASSET MANAGERS
Cybersecurity risk management
42%
BANKS
Valuations and risk management
38%

Build vs. Buy Scorecard: Different Trade-offs. One Choice

We asked funds, banks, and asset managers how they execute seven core credit functions today whether through in-house platforms, third-party solutions, outsourcing partners, or spreadsheets. Explore the results, ranked by the functions where manual processes remain most common. Filter by firm type to see how operating models differ and where the industry is moving fastest.

Manual / Excel
Built in-house
Bought or Outsourced
WHERE STATUS QUO HOLDS. WHERE BUY ALREADY WINS.
Most manual-exposed
Underwriting & Due Diligence
23% still on Excel
Where buy already leads
Collateral & Risk Monitoring
53% already bought or outsourced
Underwriting & Due Diligence
23%
42%
35%
Pricing & Valuations
18%
40%
42%
Origination & Pipeline
17%
43%
40%
Portfolio Management
13%
51%
36%
Treasury Management
11%
39%
50%
Collateral & Risk Monitoring
10%
37%
53%
Enterprise Data Management
8%
47%
45%

Tech Scorecard: What Matters Most When Choosing a Technology Partner

From security and scalability to long-term viability, firms identified the factors that carry the greatest weight when selecting technology providers. Explore the seven evaluation criteria ranked by the market and filter by firm type to uncover differences in buyer priorities.

Vendor evaluation criteria — ranked by importance
THE SIGNAL
Ranks highest
Scalability
71%
AI capabilities sits in the assumed baseline tier here, a signal the market treats it as expected, not as where technology partners actually differentiate.
50% 60% 70% 80% STRONG PREFERENCE TABLE STAKES NON-NEGOTIABLE Scalability71% Interoperability71% Execution certainty69% Security & Data maturity68% Client references66% Product-need fit63% Total cost of ownership63% User training & adoption63% Domain expertise61% Product roadmap61% AI capabilities58% Financial stability57%
Hover any criterion to understand what it means for this market

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. Three signals, read together, point to one conclusion: ambition is outpacing delivery, and the gap concentrates in exactly the functions still running on spreadsheets, emails and one-off files — the same information re-entered and re-checked at every handoff between borrower, fund, bank and investor.

Closing that gap won't come from another point solution bolted onto a single desk. It will come through properly treating the data through the technology infrastructure — captured once at the source, validated, and carried through a single connected standard that lets every institution keep working in its own format, without forcing anyone to change how they operate. Not a wall of new tools. A common foundation underneath the ones already in use. The firms that build toward that standard first won't just move faster — faster, they would also unlock many more opportunities to scale seamlessly.

Forward View