Dear Valued Member of the Moonfare Network,
Welcome back to our monthly private markets newsletter. We hope you're enjoying the summer season.
In this edition, we're looking at how software investing has changed over the past year, as fears of AI disruption made some investors question the resiliency of their bets.
The data is starting to separate winners from losers. Some software businesses aren't just resisting AI-driven pressures; rather they're being pushed forward by the technology. We pulled recent deals from specialist software GPs and found they share deep embeddedness, high switching costs and regulatory cover. Read our report for the full breakdown, including how to stress-test a manager's AI strategy.
GP stakes are also on our minds this summer, a strategy built on backing management companies directly rather than just the funds they run. In a recent interview, Moonfare's Head of PE Investment takes us through why GP stakes are gaining ground and what makes them an attractive portfolio addition.
How to invest in software in an AI-first world
Uncertainty around AI's impact has made sponsors much more cautious. Bain's data shows technology buyout deal value fell 70% between Q4 2025 and Q1 2026.
It's still too early to say how lasting AI's disruption to software will prove. What's already clear is that LPs are getting more selective about which software managers get their capital.
GP stakes put investors inside PE's fees and carry engine
European politicians will have to figure out what to do about China
Moonfare invests in a secondary deal for a leading wealth platform
European private equity exits are on a good track for best year since 2021
