Marc Rowan
👤 SpeakerAppearances Over Time
Podcast Appearances
Really?
Right.
Like, how could we as responsible credit people do this?
Or as responsible investors?
And so the focus so far has been on credit.
That's the most visible.
That's where the press is focused.
And if credit is problematic, that means the equity is really problematic.
And 30% of the private equity industry over the past decade has been devoted to enterprise software.
I personally expect the returns from private equity in the ground
to be disastrous.
Because so much of exposure is to enterprise software.
And this does not mean that enterprise software companies are going out of business.
Far from it.
It means that the prospects of on-selling it, either to the public markets or to someone else, are now simply reduced.
Just because the prices that they paid were too high.
The price that they paid reflected a future that did not have AI in it, and now there's AI in it.
So there's a competitor.
And again, it doesn't apply to every company.
It doesn't apply to every situation.