London-headquartered Oxane Partners was created by two former Deutsche Bank credit traders a little more than a decade ago to serve the data needs of the then-nascent private credit space. It has grown as the market has broadened. Data Management Insight spoke to managing director Kanav Kalia about the company’s beginnings, its present and its future.
Data Management Insight: When was Oxane Partners created and how does it serve financial institutions?
Kanav Kalia: Oxane Partners was founded in 2014 by former structured credit investment professionals who had experienced firsthand the data, operational and portfolio management challenges involved in managing complex credit investments. That practitioner background continues to shape how we have built the business.
Over the past decade, we have grown alongside the private credit market itself. What began primarily around direct lending and structured credit has expanded into a much broader universe that we call Private Credit+, a roughly US$45 trillion opportunity set spanning direct lending, asset-based finance, fund finance, infrastructure finance, real estate debt, securitised products, significant risk transfer and other structured and specialty credit strategies.Today, we work with investment banks, private credit and private debt funds, alternative asset managers and institutional investors, including pension funds and sovereign wealth funds.
Our client base includes 23 of the top 30 global investment banks, 13 of the top 30 private debt firms and 10 of the top 30 institutional asset managers. More than $1.5 trillion in aggregate client AUM now runs on Oxane Panorama – our purpose-built technology platform for Private Credit+.
As clients grow across strategies, structures and jurisdictions, they should be able to scale without losing control. Panorama provides a common infrastructure through which data, monitoring, risk, valuations and reporting can come together.
DMI: What are the most common pain points that Oxane solves for its clients?
KK: The root problem in many cases is fragmentation. Private credit is inherently data-intensive, but that data rarely arrives in one standard format or through one system.
Information comes from borrowers, servicers, fund administrators, agents, custodians and internal teams, across spreadsheets, PDFs, financial statements, notices, emails and legacy systems. Before an investment team can analyse anything, significant effort can go into simply collecting, normalising, reconciling and validating the information.
As portfolios scale, this creates wider operating challenges. Firms can end up with inconsistent data across teams, manual reporting processes, limited portfolio-wide visibility, cumbersome covenant and borrowing base monitoring, disconnected valuation processes and a heavy dependence on individuals who understand how the different systems and spreadsheets fit together. Many institutions have also accumulated point solutions for individual functions, but still lack a connected view across the investment lifecycle.
This is the problem Panorama is designed to address. It brings data into a controlled and validated environment and connects that foundation to portfolio monitoring, leverage facility management, risk, valuations, servicing and reporting.
DMI: What are the newest challenges that Oxane is helping clients overcome?
KK: The challenge is increasingly shifting from digitisation to operating discipline. Private Credit+ is becoming larger, more diverse and more interconnected. Banks, private credit firms and institutional investors are increasingly participating in different parts of the same credit ecosystem through warehouse facilities, forward-flow arrangements, fund finance, portfolio financing, asset-backed structures and other partnership models. As those relationships become more interconnected, the dependencies between asset performance, collateral, leverage, valuations and reporting also increase.
That puts much more pressure on the underlying operating model. Recent market events have sharpened the focus on data integrity, borrower reporting, fraud risk, collateral verification and issues such as the possible double pledging of assets. Periodic checks and borrower-led reporting are increasingly difficult to rely on when portfolios contain thousands of underlying assets or when the same information influences borrowing bases, valuations, investor reporting and risk decisions.
We are therefore seeing clients place greater emphasis on independent verification, more frequent data reconciliation, clearer audit trails and the ability to identify exceptions or unusual activity earlier. At the same time, the growth of semi-liquid structures and broader institutional participation is increasing expectations around valuation frequency, NAV governance and the defensibility of the information being reported.
Oxane is helping clients make that transition from periodic, transaction-by-transaction oversight to a more continuous operating model, where data is validated at source, exceptions can be surfaced earlier and investment teams have a consistent view across the portfolio.
DMI: How is AI aiding in the service of private credit data management and integration?
KK: AI is particularly relevant to private credit because so much of the information required to manage an investment sits in unstructured or semi-structured sources rather than standardised data feeds.
Our Compass 2026 research showed 87% of firms surveyed were already actively engaging with AI. The more important question now is where AI can create practical value.
The strongest use cases are where the work is high-volume and repetitive and the inputs are messy. That includes document intake and classification, data extraction, financial spreading, covenant and term extraction, document summarisation, portfolio querying, credit research and reporting.
DMI: The FSB recently said more needs to be done to bring transparency to private credit markets. How is Oxane helping to do that?
KK: There is a significant amount of information within the ecosystem, but it is distributed across funds, borrowers, administrators, lenders, servicers and different reporting systems.
Definitions can vary, data can be difficult to aggregate and underlying loan or asset-level information is not always readily available in a consistent form.
The FSB has drawn attention to those gaps, including limited granular fund and loan-level information, fragmentation in data collection and transparency around leverage and valuations.
Before the market can have better transparency, firms need confidence that the information they are using is complete, traceable and consistent. Oxane helps institutions capture granular transaction, borrower and underlying asset data and validate that information against source documents. Importantly, we maintain the lineage between a reported figure and the underlying information from which it was derived. The same principle applies to valuations.
DMI: What does Oxane see as the next big thing in private credit data provisioning?
KK: The next phase will be the move from periodic data delivery to a continuous, decision-ready data layer.
Investment teams want to move from a portfolio-level number to the facility, asset, borrower or underlying source document immediately, rather than requesting another report or going through multiple systems.
The direction of travel is therefore towards something closer to a private credit data highway: one governed data layer through which information can move from borrowers, servicers, documents and data rooms into ingestion and validation, and from there into monitoring, leverage, valuations, risk and reporting.
DMI: What’s in the pipeline for Oxane in H2 2026?
KK: For H2 2026, the focus is on deepening the infrastructure we have already built, particularly around data, AI and connected workflows across Private Credit+.
On the data side, we are continuing to strengthen how information enters and moves through Panorama. That includes building on Oxane Accelerate, our machine learning-powered ingestion engine, as well as developing more controlled data-room capabilities with customised access, clear audit trails and greater transparency around how information is received, processed and used.
The aim is to make the data foundation increasingly reusable across the platform. Once information has been captured and validated, it should be available across portfolio monitoring, leverage, servicing, valuations, risk and reporting without firms having to recreate the same data process for every workflow or asset class. That becomes particularly important as clients diversify across direct lending, asset-based finance, fund finance, lender finance, significant risk transfer, infrastructure finance and other structured credit strategies.
AI will be another major area of development, but we do not see it as a standalone proposition. We are embedding it into the workflows where it can remove operational friction and improve access to information.
More broadly, what we are building towards is a connected operating standard for Private Credit+. The market is no longer a single asset class with a relatively uniform workflow. It is an increasingly broad set of strategies, structures and counterparties, and the infrastructure has to reflect that reality.
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