In February, Haveli Investments completed a majority investment in Sirion, a contract-management software maker, buying out earlier backers including Sequoia and Tiger Global. The deal is a clean template for a pattern we are seeing across private markets: a company grows into a durable, profitable business at a growth rate that no longer clears the bar its original investors need, and a buyout firm steps in to own the next chapter. The middle of a venture fund's portfolio is where these companies live — profitable or nearly profitable, growing too slowly for venture math to pencil out, and waiting for exactly the kind of ownership buyout capital provides. Buyout funds that build around this will source growth at a reasonable price.
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