On TPG’s fourth-quarter 2025 earnings call, co‑managing partner Nehal Raj said “you will see more risk” in companies underwritten in 2018, 2019 and 2020, “prior to the advent of generative AI,” and described those fund vintages as “more susceptible to risk and disruption.”
On the same call, TPG CEO Jon Winkelried estimated the firm’s overall software exposure at 11 percent of assets under management and 18 percent within its private equity business.
S&P Global also reported that private equity and venture capital exits from application software investments increased to 605 in 2025 from 516 in 2024 and 421 in 2023, mirroring a broader uptick in private equity exits since 2023.
At the same time, Reuters said investors remain focused on how quickly large managers can clear a backlog of about 29,000 private equity‑backed companies, a task complicated by higher interest rates and by market volatility linked to the recent conflict in Iran.
Some executives frame AI as creating a spectrum of outcomes rather than a uniform threat.