Would you join a software fund right now?

Sure, but probably not in traditional PE.

Tech VC is arguably the best place to be right now as an investor just given the wealth of opportunities in AI. You don’t need every AI-disruptor bet to work; a few winners can return the fund many times over. Some of the more aggressive growth shops are leaning into minority positions in AI-native companies, backing the disruptors rather than the incumbents, are also good shouts. That can be attractive, but you have to diligence the platform, not everyone marketing “AI exposure” is truly positioned there. And in minority investing, brand and sourcing reputation matter because founders are selective about who they let onto the cap table as most good startups have more capital chasing them than they need to raise.

I’d prioritize firms investing in AI-first businesses, not just paying up for incumbents or leaning primarily on inorganic growth (not that inoganic growth is a red flag, just cannot be sole driver of value). You can usually tell from how they talk about the space and whether they can point to real, tangible examples of backing AI-native companies. Traditional software PE is tougher because you’re often underwriting businesses that are the ones being attacked. Capital-agnostic platforms (I mean firms  who truly invest across the board, not just say are capital-agnostic but mostly do buyouts) can also be interesting if you want exposure across stages before deciding where you want to play long term.