Permira, the €85bn ($98bn) global private equity group active in technology lending, is exploring opportunities in software loans that have been hit hard by market fears over artificial intelligence disruption, according to a report by Bloomberg.
Ian Jackson, head of strategic opportunities at Permira Credit, told Bloomberg Intelligence’s Credit Edge podcast that the market reaction has been “overstated,” with many companies unlikely to require restructuring despite investor concerns.
Across Wall Street, uncertainty around AI’s potential impact has sent leveraged tech-sector debt sharply lower, creating turbulence in private credit markets that are heavily weighted toward software companies.
Permira is primarily targeting broadly syndicated loans in European secondary markets, though it is also considering US-based opportunities. Jackson noted that other major investment firms, including Capital Group, are likewise positioning to capitalise on the current dislocation.
The firm is focusing on software businesses with products that are critical to operations, deliver essential data, or are deeply integrated into enterprise workflows. Permira’s longstanding presence in Silicon Valley – established roughly two decades ago – gives it extensive insight into the evolving AI landscape.
Jackson highlighted that the firm’s West Coast networks have been instrumental in monitoring AI developments and identifying resilient software platforms.
At the same time, Permira is approaching the market cautiously. Credit vulnerabilities persist, particularly in the context of geopolitical tensions such as the ongoing conflict in Iran. The firm has also tightened underwriting standards in response to a rise in bankruptcies and fraud allegations in the sector.
