Thoma Bravo

Private equity and private credit have never been more concentrated in software. With AI challenging traditional SaaS models, investors are trying to determine whether the market is spotting a real threat—or inventing one.

Buy-and-build strategies have evolved from a value-creation tool into a necessity for many firms.

Across lower middle-market private equity, fundraising momentum is increasingly colliding with the finite supply of founder-owned businesses available at attractive valuations.