Nearly 50% of software loans in the US that are set to mature before the end of 2028 originated in 2021 when valuations were significantly higher. As multiples compress and artificial intelligence reshapes competitive dynamics, refinancing risk is growing just as the SaaS market undergoes a major structural reset.
In this webinar, PitchBook analysts examined how AI disruption and credit strain are changing expectations across venture capital, private equity, and credit markets. Grounded in our latest research, this discussion explored what the discipline-driven reset means for valuations, capital allocation, dealmaking, and exits in 2026.
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Key topics
- Why the SaaS slowdown reflects a valuation reset—not a collapse in demand
- How AI is redefining venture-backed software and competitive positioning
- Why private equity is pivoting toward operational value creation
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AI disruption raises refinancing barriers for Software & Services sector
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Reporter Jacob Robbins covers artificial intelligence and the venture capital ecosystem for PitchBook. Based in Seattle, Jacob is originally from Massachusetts and holds dual degrees in political science and cinema studies from the American University. His work has previously appeared in Air Mail and Business Insider.
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Marina Lukatsky is a senior director and global head of credit and US private equity research, and leads the firm’s coverage of US and European leveraged loan, high-yield bond, and private credit markets. Lukatsky is responsible for developing analytics and commentary detailing trends in the global leveraged finance market. She leads a team of analysts producing weekly, monthly, and quarterly research content covering the leveraged loan and private credit markets, and regularly contributes analytical commentary to LCD News and quarterly research reports covering a wide range of leveraged loan and private credit trends.
Lukatsky holds an MBA from New York University and a bachelor’s degree in Finance from Pace University. She is based in PitchBook’s New York office.
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Derek Hernandez is a Senior Research Analyst covering the intersection of SaaS and AI at PitchBook Data. Hernandez provides insights into market trends, sizing and rapidly evolving enterprise software and AI solutions within the firm’s Industry & Technology Research. Prior to joining PitchBook, Hernandez was an equity research vice president covering the software sector at Rosenblatt Securities, leveraging over a decade of sell-side equity research experience across various sectors including Industrials, Steel, Commodities, and Metals & Mining. He is based in PitchBook’s New York office and has been cited in numerous publications including the Wall Street Journal, CNBC, Bloomberg, Forbes, Fortune, and Reuters, among others.
Hernandez is a graduate of the Wharton School of Business at the University of Pennsylvania with a Master in Business Administration, as well as Columbia University with a Bachelor of Science in Applied Physics and of Bard College with a Bachelor of Arts in Physics. -
Garrett Hinds is a senior research analyst at PitchBook, where he brings over a decade of experience to the firm’s private equity franchise. Leveraging his expertise in the technology sector, he contributes to the firm’s authoritative periodical research and thematic reports. Prior to joining PitchBook, he covered the software sector as an equity analyst at Macquarie Group.
Hinds received a bachelor’s degree in Business Administration from the University of Oregon. He is based in PitchBook’s New York office.
