Why Private Equity's Software Bet Is Going to Zero | The Weekly Wrap

Private equity's debt-laden SaaS buyouts face a 2027 refinancing cliff that could wipe out equity as AI fears cut valuations roughly 50%.

• FICO monopoly broken: FHFA head Bill Pulte removed VantageScore's 20-point haircut; FICO stock fell 25% in a day, down 60%+ YTD, after Rocket Mortgage said it would default to VantageScore.
• SaaS buyout boom: 2017-2023 US tech buyouts averaged $100B-$400B/year, peaking at $284B in 2021 ($256B software); Thoma Bravo, Vista, Silver Lake drove 60% of SaaS deals.

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