Technology in Valuations:
Building the Scalable Infrastructure for Private Credit+

Private credit is entering a new phase, and valuations are where that change is becoming impossible to ignore. For years, the industry operated on quarterly cycles, spreadsheet-driven models and marks that were good enough for a slower, more institutionally contained market. That is no longer the world we are in. Retail capital is expanding the investor base, lenders are scrutinizing collateral and NAV mechanics more closely, and the market is demanding more frequent and transparent valuation methodology. Apollo’s recent move toward monthly NAV reporting for private credit, with daily NAVs and third-party valuations as a longer-term goal, and MSCI’s launch of daily nowcasting indexes for private credit are both signals of the same shift: valuation timeliness is becoming a core operating requirement, not just a reporting consideration.

Recent developments have brought this shift into sharper focus. As private credit grows in scale and interconnectedness, policymakers and regulators are paying closer attention to the resilience of the ecosystem and the infrastructure that supports it. The Bank of England is now running a system-wide exploratory scenario on private markets, and the U.S. Treasury’s Office of Financial Research has warned that counterparty exposures between banks and private credit funds are the main channel through which stress could spread. Together, these developments have pushed valuation discipline, liquidity design and operating controls into the spotlight.

When portfolio valuation metrics are questioned, confidence in financing and liquidity is rarely far behind. Those who have been in private credit since its nascent stages have seen a version of this before. During the Global Financial Crisis, even the world’s leading credit franchises found that straightforward questions about exposure could take days to answer because the data lived across disconnected spreadsheets, inconsistent naming conventions and bespoke deal structures. More than a decade and a half later, that remains a persistent issue across many funds, banks and asset owners.

That is why daily net asset value (NAV) should not be misunderstood as a demand for artificial precision. Illiquid assets do not suddenly become liquid because investors want more frequent numbers. The real requirement is an operating model that can recalculate quickly, trace assumptions clearly and hold up under challenge from LPs, lenders, auditors and boards. In private credit, that means moving beyond decentralized, asset-by-asset workflows and toward institutional valuation infrastructure with shared data foundations, version control, scenario analysis and continuous auditability. In other words, valuations must become an always-on monitoring capability, not a quarterly deliverable.

This is also where traditional processes begin to fail. Excel remains a useful analytical tool, but it is not a scalable control environment for large, granular private credit books. It breaks under the weight of versioning, fragmented assumptions, manual reconciliations and audit scrutiny. As portfolios expand beyond direct lending into a Private Credit+ environment , one which includes asset-based finance, securitized products, fund finance, commercial real estate, and infrastructure debt, valuations become inseparable from the broader data and workflow architecture of the firm. What the market increasingly needs is not more point solutions, but more connected operating infrastructure where valuations, portfolio monitoring, reporting and risk sit within the same ecosystem. Oxane’s view of Private Credit+ reflects that reality: a market far broader than direct lending alone, one whose operational complexity legacy tools were never designed to support.

What funds and banks need now is not just a technology tool, but a connected operating environment built for the realities of private credit. That is the role of centralized, industry-specific platforms, such as Oxane Panorama, which bring together purpose-built technology and the deep domain expertise of credit professionals to support a more scalable and institutional operating model.

For the first time, banks and fund managers are accessing tools that can take fragmented data, standardize it into a usable operating layer and run core workflows across portfolio monitoring, credit facilities, servicing, reporting and valuations in one environment. For valuation teams specifically, that means cleaner ingestion-ready data, transparent model inputs, faster reruns, scenario-based analysis, integrated reporting and governance that supports both human judgment and defensible override controls.

The value of that standardized operating model becomes even clearer as financing structures grow more sensitive to NAV, collateral performance and the need for greater transparency. LPs want confidence that valuations are not opaque, delayed or stitched together through manual workarounds and internal teams want to spend less time chasing files and more time exercising judgment. Oxane supports that shift by helping firms move from fragmented valuation workflows to a more connected and defensible operating model, with valuation processes that are timely and transparent. Across our platform, Oxane now supports over $1 trillion of aggregate client AUM, including 20 of the top 30 global investment banks and 10 of the top 15 private debt funds.

The firms that lead the next phase of private credit maturation will not be the ones that simply report faster. They will be the ones that build valuation infrastructure strong enough to support better decision-making under pressure. At Oxane, we see that shift clearly in the way firms are rethinking valuation operating models, and it is where Oxane Panorama is increasingly being used to support more connected and defensible valuation infrastructure.

The market is moving toward more frequent NAV expectations. The practical question is whether firms’ infrastructure is ready for it.