The game is the large-cap software take-private: lever recurring SaaS revenue and run the operational playbook.
Pioneered by Silver Lake’s 2013 Dell take-private and scaled by Thoma Bravo and Vista, the model peaked in the 2021–22 spree at 8–16× revenue. Now it’s the stress test: higher rates plus AI threatening seat-based SaaS pushed Medallia to its lenders in 2026.
The game is buy-and-build compounders plus cybersecurity take-privates: fewer mega-LBOs, longer holds.
With no $20B+ public software champions to take private, capital compounds instead; Hg has held Visma since 2006, pioneering single-asset continuation vehicles. Cyber draws the biggest checks, and “no AI thesis = no deal” is the refrain at Permira and EQT.
The game is hardware & semiconductor carve-outs from conglomerates, plus Indian IT-services control deals.
Built on conglomerate carve-outs: Toshiba’s memory unit became Kioxia, Hitachi spun off its semi arms, plus a deep India IT-services cluster (Mphasis, Hexaware, GlobalLogic, Coforge). A record 2025 Japanese buyout wave (~3× volume) on governance reform and a weak yen sent Kioxia to Japan’s most valuable listed company in 2026.