The software problem roiling private markets is about to face a big new test. A wall of debt maturities is looming for the industry just as artificial intelligence threatens to upend entire businesses in what’s been dubbed the SaaSpocalypse.
More than $200 billion of high yield and leveraged loan technology debt is coming due for repayment through 2028, a chunk of it tied to firms owned by private markets. As companies look to refinance in the coming months, they face numerous headwinds, from