$1 trillion to be generated by end of 2021:

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There is $3.3 trillion in dry powder out there:

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And yet buyout, growth, and venture funds are furiously fundraising:

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Why wouldn't they when exit values are growing?

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With many more going public?

Software is not just eating the world, it's devouring it.

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"The strength in dealmaking showed up across the board, but the technology sector continued to dominate activity. One in every three buyout deals in the first half involved a tech company (most notably in software), and that probably understates tech’s growing appeal to investors. These numbers often leave out subsectors like fintech, tech-enabled services, and healthcare IT, which also drew heavy interest from PE investors. Given that tech means growth and growth means higher multiples, the bias toward investing in these sectors will likely continue in the months and years ahead."

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"Second, fluency in technology is only becoming more important for every private equity investor. As we’ve seen, one in three buyouts now involves the traditional tech sector. But that’s only part of the story. Digital innovation is seeping into every subsector in the market, challenging GPs to ask themselves a critical question: What role does technology play in my chosen industries, and how should that affect my investment strategy?

Increasingly, it will pay to understand how tech is changing the competitive landscape and what companies can do to capitalize. GPs need to know how to assess the underlying technology of the assets they hope to acquire so they can underwrite risk and opportunity with confidence. When deals close, they need to know that their portfolio teams have the expertise to deploy technology to extract maximum value for all stakeholders."

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