Sourcing - is it impossible right now or am I just cooked?

Based on the most helpful WSO content, it seems that your experience is not unique. Here are some insights from various threads that might resonate with your situation:

1. Challenges in PE Sourcing:

   • High Competition: "There are far too many candidates for each role. That makes it difficult to break in, and just as difficult for non-standard candidates like myself to transition laterally." (STOP obsessing about windows to jump thru for PE!!!)
   • Quality of Opportunities: "A lot of the sentiment expressed in this thread is reasonable. Although I do think the OP's motivation is somewhat borne out of psychological need to self-soothe for some insecurities that I don't care to learn more about... This is not hard to figure out if you've had a few years of experience in the real world." (MF PE is Paradise...LOL)

2. Market Sentiment:

   • PE Associates' Quality: "The candidate pool is now a solid chunk of exit opps kids who have an eye out the door before they even start. There is no focus, there is no grit, there is no real desire to learn anything beyond the bare minimum required for buyside / corpdev / tech interviews or whatever the cool kids are doing these days." (Is it just me or are PE Associates garbage these days?)
   • Transactional Nature: "Another source of frustration is the transactional nature of (almost) every meeting with management teams. Even if you own 2-3% of a business, it's hard to get more than a few hours of management time a quarter." (Why I Left PE & Switched to the Public Markets)

3. Advice and Strategies:

   • Networking: "Just keep banging your head against the wall on LinkedIn and email outreach. Cast as wide of a net as possible." (Misadventures in PE fundraising (part 2))
   • Passion for Software: "I get the sense that people with true passion for software are the ones that get the offers. It's pretty hard to fake it if you don't get turned on by B2B SaaS." (Vista Equity Analyst 2020 Program)

In summary, the challenges you're facing in sourcing within software PE are shared by others in the industry. The market is highly competitive, and the quality of opportunities can vary significantly. Networking and genuine passion for the sector can be crucial in navigating these challenges.

Sources: https://www.wallstreetoasis.com/forum/private-equity/why-i-left-pe-switched-to-the-public-markets?customgpt=1, Is it just me or are PE Associates garbage these days?, Vista Equity Analyst 2020 Program, MF PE is Paradise...LOL, STOP obsessing about windows to jump thru for PE!!!