a16z 数据：PE 对科技资产的收购份额降至 11%
PE's appetite for tech peaked just as the AI wave arrived Tech's share of global buyout deal value:...
a16z 拿出具体数字：科技占 PE 收购份额从 34% 掉到 11%，讲清了 SaaS 好日子为啥回不来了。
a16z 的 Jen Kha 撰文分析私募股权对科技资产的收购趋势。科技资产占全球 buyout 交易金额的比例从 2018 年的 23% 升至 2023 年的 34%，随后在 2025 年回落到 29%，2026 年第一季度只剩 11%。文章指出，SaaS 曾因轻资产、经常性收入易抵押而成为 PE 的理想标的，但 2010 年代那种低价资产加降息周期的环境难以重现。
PE's appetite for tech peaked just as the AI wave arrived Tech's share of global buyout deal value:...
PE's appetite for tech peaked just as the AI wave arrived 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 "SaaS, of course, was also the manna from heaven for private equity: capital-light, consistent recurring revenue that was easy to lend against, lots of small markets with clear leaders, and a small but critical line in the customer's budget, so prices could go up." "It is safe to say that the 2010s aren't coming back anytime soon: a supply of fixer-uppers, a decade of falling rates, and fast-growing funds that kept buying from each other at higher prices. A few rate cuts help the debt; they don't re-create that decade." Full piece from a16z's Jen Kha: a16z.news/p/is-private-e… Not an offer or solicitation. None of the above should be taken as investment advice or an advertisement for investment services. Please see a16z.com/disclosures for more information. Jen Kha @jkhamehl x.com/i/article/2117… 🔗 View Quoted Tweet 💬 6 🔄 1 ❤️ 18 👀 5904 📊 5 ⚡
