PE piled into tech late in the cycle, then started pulling backTech's share of global buyout deal value:- 23% in 2018- 3 | Hanami
PE piled into tech late in the cycle, then started pulling back
Tech's share of global buyout deal value: - 23% in 2018 - 34% in 2023, the year after ChatGPT launched - 29% in 2025 - 11% in the first quarter of 2026
"PE bought [SaaS] in the 2010s, once it was mature, predictable and easy to borrow against."
Full piece from a16z's Jen Kha: https://www.a16z.news/p/is-private-equity-cooked
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