Cover Story

Nehal Raj, co-managing partner of TPG Capital, says operating teams are still in the 'early days' of specialization.

After a four-year rollercoaster ride, private equity investing in software and tech companies seems due for a rebound. But post-2021 dislocation has not gone away.

Blackstone went into the belly of the beast – Silicon Valley – after the market fell apart in 2022, even building a deal team in San Francisco to capitalize on the inevitable correction and dislocation.

As some portfolio companies have thrived and grown beyond expectations, many firms are looking beyond the traditional public filing for solutions.

After exiting an early childhood education provider and acquiring another one, Avathon Capital makes a foray into professional learning with the purchase of a healthcare education provider.

Despite a post-covid dip, private equity’s appetite for the sector is strong, with technology driving the bulk of interest.

The five-year fundraising total for the top 10 on our list was just under $660bn, while the total for the top 50 firms was $1.63trn.

The pension giant is investing in smaller, newer and off-beat funds – and leads the way in our survey of the busiest and biggest LPs.

TPG ascends to the third slot on the Buyouts 100, in no small part because of its astute early picks of new growth areas.

Although the Buyouts 100 has its usual suspects at the top of the heap, what’s especially notable this year is its number of freshman entrants, led by tech buyout shop STG.