Hundreds of PE shops now, just in the US, and we're coming to the end of the ZIRP/Fed liquidity bonanza era.
At peak, PE was dumping 90% of capital into software. Easily their largest allocation, as high as 58% of all transactions in 2025.
*And now the AI reaper is knocking for SaaS and Enterprise software...*
If today was the public investors jamming the exits, are the big boys on the phone ordering redemptions?
Bonus points for responses from folks in the industry.