Bosa/Wu: Private equity is about to eat its own software portfolio

Impact · against what's priced in

The potential Anthropic-Blackstone JV creates a coordinated distribution channel for AI that accelerates the displacement of horizontal SaaS tools. While this provides Blackstone with a powerful lever to expand margins across its diverse portfolio, it poses a systemic threat to the recurring revenue models of software-focused PE firms and the SaaS companies they own.

BX+0.60

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