Oxane Partners, a technology-driven solutions provider to the private credit markets, released the results of Compass 2026, a credit-only survey of 380+ professionals across global private credit markets. Capturing sentiment across investment banks, institutional investors, asset managers and private credit firms, the survey offers a timely read on the market at a critical point as Private Credit+ continues to scale.
Compass 2026 finds that private credit remains firmly positioned for growth, with 83% of respondents expecting assets under management (AUM) to increase over the next 12 to 18 months while pointing to a more disciplined phase for the market, defined by risk management, and the need for a scalable operating infrastructure. The survey spans direct lending, asset-based finance, fund finance, real estate, securitized products, infrastructure and SRTs, a market that Oxane defines as ‘Private Credit+’.
“Private credit remains one of the most important growth stories in financial markets, but the next phase of growth will look different from the last,” Sumit Gupta, co-founder and CEO of Oxane Partners, said. “As private credit grows further, firms will need to pair investment conviction with prudent risk management, and the operating discipline required to scale with confidence. Compass 2026 captures a market that is still ambitious, but increasingly clear-eyed about the infrastructure needed to support that ambition.”
Key findings from Compass Survey 2026 include:
- ABF and specialty finance lead Private Credit+ growth, cited by 66% of respondents, ahead of fund finance at 60% and corporate direct lending at 56%. Securitized products also show notable momentum, with 49% of active firms planning to increase deployment.
- Risk management ranks as the top operational challenge, cited by 42% of respondents market-wide and 60% of funds.
- Four-in-five firms expect technology budgets to rise by 20% or more, reflecting the technology infrastructure needed to manage the growing complexity of Private Credit+.
- 87% of respondents are actively engaging with AI, either using it in production, piloting it or developing AI capabilities internally.
- Security, scalability, execution certainty and financial stability are the top vendor evaluation criteria, showing that firms are prioritizing resilience and delivery confidence as much as innovation.
The survey also points to a clear distinction in modernization priorities across market participants. Banks appear further along in moving AI into production, with 40% reporting live AI use, even as legacy modernization remains a key challenge. Funds, meanwhile, are feeling the operating consequences of scale more directly, with greater emphasis on technology investment, valuation confidence and regulatory readiness.
The findings also reflect a broader convergence across the market, with banks and institutional capital moving deeper into credit alongside alternative lenders. As investments expand across strategies, collateral types and financing structures, firms need controls that go beyond investment performance to identify risk pockets, data inconsistencies, collateral issues and concerns around fraud or double pledging. AI has a role to play in this shift, but the practical opportunity lies in embedding it into existing workflows and control frameworks.
“Both banks and private credit firms are not simply looking for more tools; they are looking for operating infrastructure that helps them respond rationally to a more complex market,” Kanav Kalia, managing director at Oxane Partners, said. “Compass 2026 shows a clear mandate for stronger operating discipline. Firms are still focused on growth, but they are also strongly prioritizing the infrastructure to manage that growth. There’s a clear realization that this is what will give firms the confidence to scale through changing markets.”
