If private equity is just levered, illiquid, public equity exposure that doesn't get marked to market, it should surprise no one that software and tech represents a massive concentration in PE portfolios. Great thread from @Tyler_Neville_ below. 1. In 2025, private equity buyers were involved in nearly 58% of all SaaS M&A transactions 2. TMT (heavily dominated by software) accounted for $654 billion in global PE investment in 2025. This was nearly double the investment in the next closest sector. 3. Technology accounted for roughly 33% of global buyout value in 2024, averaging nearly 28% over the five-year period ending in late 2025. These PE portfolios are chalk full of software. You likely are not bearish enough on private equity companies.