PitchBook：2026年第一季度美国私募股权市场分析报告（英文版）

The beginning of 2026 has defied the ambitious expectations that many had coming into the year. The declaration that AI has killed software triggered a sharp valuation reset, turmoil in private credit, and heavy selling of publicly traded alternative asset managers and their semi-liquid credit funds. However, to paraphrase Mark Twain, reports of the software sector’s death have been greatly exaggerated, at least according to leading PE investors. Yet while software businesses are still surviv