Top 20 Technology & Software PEF 2023

This report forms part of the Ranking News Capital Ranking series, which evaluates private equity firms and investment platforms across global capital markets.

Technology and software private equity has become one of the most influential segments within global private markets. As enterprise software, cloud infrastructure, cybersecurity, fintech, and vertical SaaS platforms continue to reshape corporate operations, private equity firms with deep technology expertise have become central players in scaling, consolidating, and transforming software businesses.

Unlike generalist private equity, technology and software private equity requires specialized underwriting capabilities. Investors must assess recurring revenue quality, customer retention, product defensibility, pricing power, implementation complexity, and long-term platform scalability. Firms operating in this category often combine capital deployment with operational playbooks focused on sales efficiency, product expansion, margin improvement, and strategic acquisitions.

The sector has also become a major area of private equity-led consolidation. Many software markets remain fragmented, allowing private equity firms to build platforms through acquisitions, integration, and operational standardization. This has made technology-focused private equity one of the most active and strategically important areas of private capital deployment.

This ranking identifies private equity firms whose technology and software investment platforms demonstrate sustained institutional relevance, sector expertise, transaction execution capabilities, and influence within global private markets.

Market Overview

The technology and software private equity market has matured significantly over the past decade. Once dominated by venture capital and public market investors, the sector is now a core domain for private equity firms seeking scalable business models with recurring revenue and strong cash flow potential.

Enterprise software remains the center of the market, particularly businesses serving mission-critical functions such as cybersecurity, compliance, healthcare IT, financial software, human capital management, and vertical industry workflows. These companies often provide durable revenue streams and high customer retention, making them attractive targets for private equity ownership.

At the same time, valuation discipline has become increasingly important. Following periods of elevated pricing in software and growth technology, investors have shifted toward profitability, customer quality, and sustainable growth rather than revenue expansion alone.

Private equity firms with dedicated technology expertise are better positioned to navigate this environment. Their ability to evaluate product-market fit, customer economics, and software operating metrics gives them a structural advantage over generalist investors.

Industry Trend — 2023

In 2023, technology and software private equity is increasingly focused on operational depth and platform-building discipline. Firms are emphasizing profitable growth, customer retention, and efficient go-to-market execution rather than pursuing growth at any cost.

Cybersecurity, enterprise automation, data infrastructure, financial technology, healthcare software, and vertical SaaS remain key investment themes. These sectors benefit from long-term digital transformation trends and high switching costs, making them attractive areas for private equity deployment.

Artificial intelligence is also influencing investment strategy, though leading firms are approaching the theme with selectivity. Rather than investing broadly in speculative AI businesses, many technology private equity firms are focusing on software companies where AI can improve workflow automation, analytics, productivity, or customer value.

Another important trend is continued software consolidation. Private equity firms are using platform acquisitions and add-on strategies to build scaled software groups in fragmented markets. This strategy requires both financial discipline and operational integration capabilities.

As the sector becomes more competitive, firms with specialized software expertise, repeatable value creation frameworks, and strong sourcing networks are expected to remain leaders.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates as a private equity firm or dedicated private equity platform
• Maintains a significant focus on technology, software, or technology-enabled services
• Demonstrates experience in control, minority, or structured private equity investments
• Shows sector expertise in enterprise software, SaaS, fintech, cybersecurity, IT services, or digital infrastructure
• Maintains institutional relevance within private technology investment markets

Pure venture capital firms, public-market technology investors, and generalist private equity firms without meaningful technology specialization are generally excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations rather than short-term fund performance metrics. Key factors considered include:

• Depth of technology and software sector expertise
• Track record in software and technology-enabled investments
• Ability to execute platform-building and add-on acquisition strategies
• Operational value creation capabilities within software businesses
• Institutional scale and capital deployment capacity
• Reputation among founders, executives, intermediaries, and institutional investors
• Stability and longevity of the investment platform

The objective of the ranking is to identify firms whose technology and software private equity platforms maintain sustained relevance within global private capital markets.

The Ranking News Top 20 Technology & Software Private Equity Firms 2023 ranking evaluates leading private equity firms focused on technology and software markets.

The ranking universe consisted of approximately 80 technology and software-focused private equity firms, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the technology and software private equity ecosystem and do not represent investment performance rankings.

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Tier I — Leading Technology & Software Private Equity Platforms

Silver Lake

• Headquarters: Menlo Park, United States
• Founded: 1999

Silver Lake is one of the most prominent technology-focused private equity firms globally, with a long-standing specialization in large-scale investments across technology and technology-enabled businesses. The firm has played a central role in shaping the institutionalization of technology private equity, particularly through landmark transactions involving software, hardware, digital platforms, and technology infrastructure.

Silver Lake’s strategy is distinguished by its ability to execute complex, large-scale transactions while maintaining deep sector expertise. The firm often partners with leading technology companies, founders, and management teams to support strategic transformation, international expansion, and long-term growth.

Its global network, transaction experience, and technology specialization have positioned Silver Lake as a benchmark platform within the technology private equity market. The firm’s ability to operate at scale while retaining sector focus reinforces its leadership within the category.

Thoma Bravo

• Headquarters: Chicago, United States
• Founded: 2008

Thoma Bravo is one of the most influential private equity firms dedicated to software investing. The firm focuses on enterprise software and technology-enabled businesses, using a highly disciplined investment model centered on operational improvement, profitability enhancement, and platform consolidation.

Thoma Bravo’s specialization allows it to apply repeatable value creation frameworks across its portfolio. The firm often targets software companies with strong market positions, recurring revenue models, and opportunities for operational optimization. Its approach frequently emphasizes pricing discipline, customer retention, product strategy, and add-on acquisitions.

The firm’s deep software expertise and consistent execution have made it one of the defining platforms in software private equity. Its ability to combine sector specialization with institutional scale supports its position among the leading technology-focused private equity firms globally.

Vista Equity Partners

• Headquarters: Austin, United States
• Founded: 2000

Vista Equity Partners is a leading enterprise software private equity firm known for its systematic approach to investing and portfolio management. The firm focuses on software, data, and technology-enabled businesses, with particular emphasis on recurring revenue models and operational standardization.

Vista’s value creation model is built around structured operational frameworks designed to improve efficiency, product development, customer success, and revenue growth. The firm works closely with management teams to implement repeatable processes across portfolio companies, creating a distinctive operating model within software private equity.

Its specialized focus on enterprise software and disciplined approach to operational transformation have established Vista as one of the most recognizable firms in the sector. The firm’s institutional scale and long-standing software orientation continue to reinforce its leadership position.

Hg

• Headquarters: London, United Kingdom
• Founded: 2000

Hg is a leading technology-focused private equity firm with a strong emphasis on software and services businesses. The firm has built a particularly strong presence in Europe while expanding its global relevance through investments in enterprise software, business-critical applications, and technology-enabled services.

Hg’s investment strategy centers on companies with recurring revenue, scalable operating models, and strong market positions within specialized software segments. The firm combines sector research, operational support, and data-driven investment processes to identify attractive opportunities and support portfolio growth.

Its deep focus on software markets, combined with a structured value creation approach, has positioned Hg as one of the most important technology private equity firms outside the United States. The firm’s consistency and specialization make it a central participant in the global software investment ecosystem.

Francisco Partners

• Headquarters: San Francisco, United States
• Founded: 1999

Francisco Partners is a technology-focused private equity firm investing across software, fintech, healthcare IT, infrastructure technology, and technology-enabled services. The firm operates across both buyout and growth strategies, giving it flexibility to support companies at different stages of maturity.

The firm’s sector expertise allows it to evaluate complex technology businesses and execute transactions requiring specialized understanding of product markets, customer needs, and competitive dynamics. Francisco Partners often works closely with portfolio companies to improve operations, pursue strategic acquisitions, and expand market reach.

Its long-standing presence in technology investing and broad coverage across software and digital infrastructure have made Francisco Partners a major force within technology private equity. The firm’s combination of scale, specialization, and execution capability supports its Tier I positioning.

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Tier II — Established Technology & Software Private Equity Firms

(Alphabetical order)

Accel-KKR

• Headquarters: Menlo Park, United States
• Founded: 2000

Accel-KKR is a technology-focused investment firm specializing in software and technology-enabled businesses. The firm operates across growth equity, buyout, and structured investment strategies, allowing it to support companies at different stages of development.

Its investment approach emphasizes partnership with management teams, operational scaling, and strategic expansion. Accel-KKR frequently targets companies with strong product-market fit, recurring revenue, and opportunities for growth through sales expansion or acquisitions.

The firm’s sector specialization provides it with deep insight into software markets, particularly in the lower mid-market and mid-market segments. Its ability to combine growth capital with private equity discipline has positioned Accel-KKR as a well-established participant in technology private equity.

Clearlake Capital Group

• Headquarters: Santa Monica, United States
• Founded: 2006

Clearlake Capital Group is a private equity firm with a significant focus on technology, software, and technology-enabled services. The firm applies an operationally intensive investment model across sectors, with software and digital businesses representing an important part of its platform.

Clearlake’s approach emphasizes transformation, consolidation, and operational improvement. In technology markets, the firm often targets businesses where strategic repositioning, add-on acquisitions, and efficiency initiatives can support value creation.

Its ability to execute complex transactions and scale portfolio companies has strengthened its reputation within private markets. Clearlake’s sector coverage extends beyond technology, but its substantial software and technology investment activity supports its inclusion among established technology private equity firms.

EQT

• Headquarters: Stockholm, Sweden
• Founded: 1994

EQT is a global private equity firm with a strong presence in technology and software investing. The firm’s technology strategy is supported by its international platform, sector expertise, and experience investing in software, digital infrastructure, and technology-enabled services.

EQT often focuses on companies with strong growth potential, scalable business models, and opportunities for operational improvement. Its European heritage gives the firm strong access to regional technology markets, while its global expansion has increased its ability to compete for larger transactions.

The firm’s emphasis on sustainability, long-term ownership, and operational value creation differentiates its approach within private equity. EQT’s continued activity in software and technology markets supports its position as a major global platform in the category.

Marlin Equity Partners

• Headquarters: Los Angeles, United States
• Founded: 2005

Marlin Equity Partners is a private equity firm focused on software, technology, and technology-enabled services. The firm has developed a strong reputation for investing in businesses requiring operational improvement, strategic repositioning, or platform development.

Marlin’s investment approach often includes carve-outs, founder transitions, and complex transactions where hands-on operational support is required. Its software expertise enables the firm to identify opportunities in specialized markets and support companies through transformation initiatives.

The firm’s ability to execute both growth-oriented and restructuring-oriented technology investments distinguishes it from more conventional software investors. Marlin’s focused strategy and consistent presence in technology private equity support its recognition as an established firm in the sector.

Permira

• Headquarters: London, United Kingdom
• Founded: 1985

Permira is a global private equity firm with a significant technology investment practice, particularly in software, internet platforms, fintech, and digital businesses. While the firm operates across multiple sectors, technology has become one of its defining areas of investment activity.

Permira’s approach combines global scale with sector-focused expertise, allowing it to support portfolio companies through expansion, operational improvement, and strategic repositioning. The firm often invests in businesses with strong growth characteristics and durable market positions.

Its international platform gives Permira access to technology opportunities across Europe, North America, and Asia. The firm’s sustained activity in technology and software investing supports its role as an established global participant within the category.

PSG Equity

• Headquarters: Boston, United States
• Founded: 2014

PSG Equity is a growth-oriented private equity firm focused on software and technology-enabled services companies. The firm primarily targets lower mid-market businesses with scalable models and strong expansion potential.

PSG’s investment model emphasizes active partnership with management teams, particularly around go-to-market strategy, product development, and operational scaling. The firm frequently supports founder-led businesses seeking institutional capital and strategic guidance.

Its focus on software and technology-enabled services gives PSG a clear identity within private equity. The firm’s ability to combine growth capital with hands-on support has contributed to its growing reputation in the technology investment ecosystem.

STG

• Headquarters: Menlo Park, United States
• Founded: 2002

STG is a private equity firm focused on software, data, analytics, and technology-enabled services. The firm specializes in investing in companies where operational transformation, carve-outs, and strategic repositioning can create long-term value.

STG’s approach often involves complex corporate carve-outs and standalone business formation, requiring significant operational and technical expertise. The firm works closely with portfolio companies to improve product strategy, customer focus, and organizational structure.

Its specialization in software and data-driven businesses gives STG a distinctive position within technology private equity. The firm’s experience in carve-outs and transformation-oriented investments supports its recognition as an established player in the sector.

TA Associates

• Headquarters: Boston, United States
• Founded: 1968

TA Associates is a global growth private equity firm with a strong track record in technology, software, financial technology, and technology-enabled services. While TA invests across several sectors, technology has long been a core part of its investment strategy.

The firm focuses on profitable growth companies with established business models and opportunities for expansion. TA often supports portfolio companies through international growth, strategic acquisitions, and operational improvement.

Its long history in growth-oriented investing provides deep institutional experience across market cycles. TA’s consistent presence in software and technology markets supports its inclusion among established technology private equity firms.

TPG Tech Adjacencies

• Headquarters: San Francisco, United States
• Founded: 2018

TPG Tech Adjacencies is a technology-focused investment strategy within TPG, targeting companies positioned between growth equity and large-scale private equity. The strategy focuses on software, internet, digital infrastructure, and technology-enabled businesses with significant expansion potential.

The platform benefits from TPG’s broader global investment infrastructure while maintaining a dedicated focus on technology opportunities. Its flexible approach allows it to invest in companies requiring growth capital, strategic support, or transition-stage ownership.

TPG Tech Adjacencies reflects the increasing importance of specialized technology strategies within large private equity platforms. Its combination of sector focus and institutional backing supports its position within the technology private equity landscape.

Turn/River Capital

• Headquarters: San Francisco, United States
• Founded: 2012

Turn/River Capital is a software-focused private equity firm investing in growth-stage and lower mid-market technology companies. The firm emphasizes operational support, particularly in sales, marketing, customer success, and product-led growth.

Turn/River’s model is designed for software businesses that require capital and operational expertise to scale more efficiently. The firm frequently partners with management teams to improve go-to-market execution and accelerate revenue growth.

Its focused approach to software investing differentiates it from broader private equity platforms. Turn/River’s specialization and hands-on operating model support its recognition as an established participant in the technology and software private equity market.

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Tier III — Recognized Technology & Software Private Equity Firms

(Alphabetical order)

• Alpine Investors
• Battery Ventures Private Equity
• JMI Equity
• Level Equity
• LLR Partners

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Remarks

Technology and software private equity remains one of the most strategically important segments of global private markets. The sector benefits from recurring revenue models, long-term digital transformation trends, and opportunities for platform consolidation across fragmented software markets.

The firms recognized in this ranking represent platforms with demonstrated expertise in evaluating, acquiring, scaling, and transforming software and technology-enabled businesses. As technology markets mature, specialized underwriting and operational execution are becoming increasingly important differentiators.

Tier classification reflects relative institutional positioning within the technology and software private equity segment and does not represent investment performance rankings.

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