Feel like there’s huge competition for a small number of strong software assets at this point and most lps have been overindexed to tech which may make it hard for future fundraising. Any thoughts on this would be helpful
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I think 5-10 years ago you could basically go to any vertical market, buy one of the leading system of record businesses and realize a strong return. There was no real differentiating factor besides who had capital and who was interested in tech. I think you’re right that there has been a correction to this dislocation and now there is a ton of PE capital competing for SW assets, but that does not necessarily mean that it is an unattractive place to be today. Sponsors that have clear theses, source and can add value will still be able to make money and succeed. Yes, that is generic to any industry, but is there any structural reasons that’s not true for software? Maybe the answer is yes - software does tend to be winner-take-most so there are only so many good assets, but software is constantly innovating and entering new markets. The TAM is huge and expanding. I really do not know the answer to your question (and I didn’t even address the piece about LPs), so I’m not sure where I’m going with this. Food for thought.
Ps someone spin up eyp - I want to see dry powder by industry against serviceable addressable market.
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