聚焦私募资本：风险投资与收购分道扬镳（软件领域）

Quick take The split in performance between venture capital (VC) and buyout intensified in the first quarter of 2026 due todiverging trends in valuations of information-technology (IT) holdings. VC continued to lead all private-capitalstrategies after a standout 2025, returning 5.3% for the quarter. Buyout, by contrast, slipped to -1.0% — its first IT holdings returned 4% inside VC and -5% inside buyout (gross of fees) — a highly unusual divergence within asingle sector and a single quarter. The gap reflects what looks more like a structural bifurcation: U.S.-concentratedbuyout portfolios repricing the high-multiple software-as-a-service names they bought during the growth era, and Software impacts private credit Private credit returned 1.1% in the first quarter. Floating-rate income kept flowing, but the same sell-off thathitlisted business-development companies in early Februaryreached private direct-lending portfolios with IT-sector In private real assets, natural resources stood out with a 6.5% return due in part to strength in energy commodities.Infrastructure added 1.8% and private real estate posted another return near 0%. Looking ahead, the dispersion within private equity may widen before it narrows. With apipeline of late-stageventure-backed IPOs expected through 2026, and recent listings already lifting late-stage venture marks, the AI- native side of software could keep delivering paper gains.Legacy software businesses remain under pressure,however. For limited partners in private capital, the question may be less whether their managers have software1 Uday KarriUday Karri Subscribe todayto have insights delivered to your inbox. Enter your email address Run Risk or Rational Repricing? Private Credit’s Software Stress Test The AI update that rattled equity markets in early 2026 also exposed a fault line in private credit. We examine the selloff inbusiness development companies and the wider implications for investors. Read more From Broad to Bespoke: How Much Should You Customize YourPrivate-Capital Benchmark? One index won't cover four different questions for asset owners. Benchmark customization is a ladder — knowing whichrung to stand on is the discipline. Learn more Private Capital Intel Benchmark performance with one of the largest private capital datasets. Report, allocate, pace, report and assess risk andreturn. Explore more 1 An IPO doesn't automatically mean private investors get their money back quickly. While early investors can realize some of theirinvestments during an IPO, it is more typical for VC positions to be realized over a period of several quarters or years afterward. The content of this page is for informational purposes only and is intended for institutional professionals with the analyticalresources and tools necessary to interpret any performance information. Nothing herein is intended to recommend any product, toolor service. For all references to laws, rules or regulations, please note that the information is provided “as is” and does not