CNBC: Private Equity 'About to Eat Its Own Software Portfolio' — Take-Private Pipeline Highest Since 2021

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CNBC reported that PE take-private deal flow in H2 2025 and Q1 2026 is at its highest since 2021, as SaaS multiples stabilized at 8-14x NTM revenue for quality names. Thoma Bravo ($183B AUM) wound down its growth equity arm in April to focus exclusively on buyouts, while Vista Equity is cashing out positions to fund new take-private bids. FTC scrutiny has reduced Big Tech competition for acquisitions, creating favorable conditions for PE. The thesis: acquire beaten-down SaaS companies at compressed multiples, inject AI automation to cut costs and boost margins, then re-list or sell at higher valuations.