PE piled into tech late in the cycle, then started pulling back Tech's share of global buyout deal value: - 23% in 2018 - 34% in 2023, the year after ChatGPT launched - 29% in 2025 - 11% in the first quarter of 2026 "PE bought [SaaS] in the 2010s, once it was mature, predictable and easy to borrow against." Full piece from a16z's Jen Kha: https://www.a16z.news/p/is-private-equity-cooked Not an offer or solicitation. None of the above should be taken as investment advice or an advertisement for investment services. Please see http://a16z.com/disclosures for more information.