Markets
Fortune: $265B Private Credit Meltdown — Blackstone, KKR, Apollo, Ares, Blue Owl All Caught in SaaS Cashflow Collapse
Fortune's March 14 deep-dive traces how the SaaSpocalypse is transmitting into the $3T private credit market: software accounted for 25% of all private credit lending at peak, and as corporate clients swap SaaS renewals for bespoke internal AI tools, the recurring revenue streams underpinning those loans are evaporating. Software EBITDA multiples collapsed from 30x in late 2022 to 16x today, compressing the asset values backing unitranche loans. Mainstream coverage reached NPR and OPB by March 19, signaling the SaaSPocalypse has crossed from tech trade press into systemic financial risk territory.
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