Private equity’s software portfolios are heading into a capital reset. AI has changed what the market believes software will be worth at maturity, and the repricing has arrived just as the largest wave of technology buyout debt on record approaches its refinancing window. The gap between what these companies borrowed and what lenders now believe they are worth has become the defining balance sheet conundrum in private markets, and the sponsors who adopt a proactive approach with their lenders, will be positioned to exit on their own timelines.
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