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Private Equity Firms will become AI-Native; will not become Software Companies.
Private Equity Firms will become AI-Native; will not become Software Companies.
By David Reuter, Partner, LLR Partners I have read a handful of recent pieces arguing that private equity firms are on…
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David Reuter posted thisThe biggest investing lesson I learned came after the deal closed. Early in my career, I thought the work of investing was primarily about sourcing, diligence, structuring, and negotiation. Those things matter, but they're only the beginning. The real work starts in the first quarter after close, when the model meets reality, the management team learns whether you meant what you said during the process, and the first unexpected challenge emerges. That's when a partnership either becomes real or it doesn't. I've seen both outcomes. The difference is rarely the deal terms or the strategy deck. More often, it comes down to whether the investor stays curious about the business. Curiosity creates better questions, stronger relationships, and better decisions. Monitoring simply measures results. Diligence gets you into the partnership. Curiosity determines what you build together. What's something an investor did after closing that made you feel they were truly invested in your success?
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David Reuter reposted thisDavid Reuter reposted thisDeluxe (NYSE: DLX), a trusted payments and data company, today announced that it has entered into a definitive agreement to acquire Celero Commerce. The transaction advances the ongoing Deluxe transformation strategy to shift the revenue mix towards higher growth Payments and Data segments. The combination will also further the ongoing modernization of the Deluxe payment technology infrastructure, bring together complementary go-to-market capabilities and expand customer reach through a broadened and diversified network of bank, software, independent partner and direct sales channels. Congratulations to Kevin Jones, Barry C. McCarthy and the Celero and Deluxe teams on this milestone. To read more, visit https://lnkd.in/eZiR6Mb4 #PaymentProcessing #CeleroCommerce #Celero
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David Reuter reposted thisDavid Reuter reposted thisWe’re excited to welcome our 2026 Intern Class to LLR! Over the next ten weeks, these students will work alongside teams across the firm, build meaningful connections and gain hands-on experience as they learn about growth equity. Looking forward to seeing the impact you'll make at LLR. ☀️ • Megan Chan | University of Pennsylvania • Leslie Forman | Boston College • Aidan Pitzel | Bentley University • Lexi Bari | University of Pennsylvania • Kaitlyn Xie | Carnegie Mellon University • Dylan Sarkozy | Penn State University • Priya Patel | University of Pennsylvania • Dorothy Yao | Princeton University • Charles Lin | Carnegie Mellon University • Sahil Patel | Drexel University • Bridget McTear | UCLA #SummerInternship #PrivateEquityInternship #LLR
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David Reuter reposted thisDavid Reuter reposted thisWe're thrilled to share LLR's investment in AxisCare Home Care Software. AxisCare provides an end-to-end solution for single and multi-location home care agencies to manage scheduling, caregiver operations, electronic visit verification (EVV), client engagement and core administrative workflows. We're excited to join Frontier Growth in partnering with CEO Todd Allen and the AxisCare team as they build the System of Action for home care. 🔗 https://lnkd.in/eTfBA97D #HomeCare #HomeCareSoftware #AxisCare
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David Reuter shared thisThanks Seamus Nally for joining me on stage at LLR's Annual Partners' Meeting yesterday. Seamus shared how he and the team at TurboTenant are embedding AI to benefit their customer base of landlords across the country. It was a great opportunity to highlight the exciting results you're driving at TurboTenant!David Reuter shared thisYesterday, we welcomed our investors to Philadelphia for LLR’s 27th Annual Partners’ Meeting. Throughout the day, we shared updates across the firm, discussed trends shaping the industries in which we invest and looked ahead to the opportunities we see in 2026 and beyond. The meeting included a Q&A with Bill Murphy on AI and how it is shaping private equity investing, along with fireside chats with three LLR portfolio company CEOs on how they are leveraging AI to empower their employees, enhance customer experiences and drive efficiencies across their organizations: Seamus Nally (TurboTenant), Erich Sanchack (Salute), Navin Gupta (Viventium). Thank you to our investors who joined us in person and virtually, and to the LLR team who helped make the event possible!
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David Reuter shared thisCongrat to the team at FastSpring! Excited for future growth, innovation an product expansion with LLR Partners & Accel-KKR. #DigitalCommerce #SaaS #PaymentsDavid Reuter shared thisThis is a big day for FastSpring! I couldn't be more pleased to welcome LLR Partners as a new investor in FastSpring, alongside our longstanding partner Accel-KKR. I look forward to working with the outstanding team at LLR to further accelerate our success. https://lnkd.in/dth6AJRAFastSpring Announces Strategic Investment from LLR Partners to Accelerate GrowthFastSpring Announces Strategic Investment from LLR Partners to Accelerate Growth
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David Reuter shared thisI have read a handful of recent pieces arguing that private equity firms are on a path to becoming software companies. The framing is provocative, the conclusion is fashionable, and the thesis is gaining traction in industry conversations. As someone who has spent more than two decades investing in software, I find it half right and half overstated. The parts that are wrong are wrong in ways that matter. What feels right: AI is moving from peripheral to core in private equity operating models, and that shift will redefine how the industry sources, diligences, manages, and exits investments over the medium term. What feels overstated: The magnitude of the change, meaning while private equity firms will become more software-enabled, they will not become more software-like. The timing of the change will vary, and the larger funds with more resources will evolve faster than most expect, while the lower middle market mainstream will move slower than expected. The predicted winner profile will also favor the large and we will continue to see acceleration in AUM concentration, not a reversal of it. What follows if you click the link to the article below are some changes I believe are likely to happen and others that are not.Private Equity Firms will become AI-Native; will not become Software Companies.Private Equity Firms will become AI-Native; will not become Software Companies.
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David Reuter shared thisGreat opportunity for a strong financial leader to join an exciting growth software business Magaya Corporation
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David Reuter shared thisWhat does the “human element” in HR really mean as AI becomes part of the function? @LLR Partners’ new #GrowthBits series by @Marja Fitzgerald and @Kristen Chang explores how leaders can preserve human judgment as they embed AI into their workflows. Read Part 1 of the series here: https://lnkd.in/e9KB47aKDavid Reuter shared this𝗚𝗿𝗼𝘄𝘁𝗵𝗕𝗶𝘁𝘀 𝗦𝗲𝗿𝗶𝗲𝘀 | 𝗣𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲𝘀 𝗼𝗻 𝗔𝗜 𝗶𝗻 𝗛𝗥 Most AI-in-HR guidance emphasizes keeping humans in the loop and preserving the human element. But what does that mean in practice? As AI enters recruiting, performance management, employee engagement, workforce planning and leadership development, how do you protect the human capacities that drive sound judgment, trust and strong teams? In this seven-part series, Marja Fitzgerald and Kristen Hess Chang share perspectives from their work with people leaders and management teams on how to preserve human judgment and embed AI responsibly. The series covers: • Defining what the "human element" in HR means • Protecting 4 capacities of human judgment as AI enters HR • Applying 3 categories for AI in HR: automate, augment or anchor • Reimagining hiring as AI improves candidate outputs • Which capabilities become more valuable as AI transforms work • Following an 8-step framework to turn AI interest into action • Understanding why HR matters more in the age of AI The full series is available now. In the coming weeks, we’ll spotlight each part with practical takeaways for HR leaders navigating AI’s role in HR. 🔗 𝗥𝗲𝗮𝗱 𝗣𝗮𝗿𝘁 𝟭 𝗼𝗳 𝘁𝗵𝗲 𝘀𝗲𝗿𝗶𝗲𝘀 𝗵𝗲𝗿𝗲: https://lnkd.in/e5AtZcBq #AIinHR #PeopleLeadership #GrowthBits
David Reuter commented on a post
1mo
Thank you, Jason Spencer. Good article to ponder. I've been reading a lot of pieces recently that I think jump too far from reality to future states and I want to try to ground what I see as possible for P/E in the near to medium term vs not. I think some of the comments below are on to something too.
I find it half right and half overstated. The parts that are wrong are wrong in ways that matter.
What feels right: AI is moving from peripheral to core in private equity operating models, and that shift will redefine how the industry sources, diligences, manages, and exits investments over the medium term.
What feels overstated: The magnitude of the change, meaning while private equity firms will become more software-enabled, they will not become more software-like. The timing of the change will vary, and the larger funds with more resources will evolve faster than most expect, while the lower middle market mainstream will move slower than expected. The predicted winner profile will also favor the large and we will continue to see acceleration in AUM concentration, not a reversal of it.
https://www.linkedin.com/pulse/private-equity-firms-become-ai-native-software-companies-david-reuter-vjfte
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David Reuter liked thisPlease see below for an interesting piece that covers PE firms and how they are using deep subsector expertise and AI tools to gain an edge in origination.David Reuter liked thisPrivate Equity firms are sitting on a record $1.7 trillion in dry powder, yet quality deals are harder than ever to win. Our latest research reveals how top firms are combining deep subsector expertise with AI to gain a lasting origination edge — before assets ever hit the market. https://lnkd.in/g62-SXTt
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David Reuter liked thisDavid Reuter liked thisDuring our current kitchen remodel, through which we’re living in the family room (do not recommend), I came across this good luck charm from the past. To all my #Andersen colleagues out there - I still lean into, and apply the best examples of leadership I’ve ever received. I know I still chat with some of you somewhat regularly - but to those of you I haven’t spoken with in a minute…I hope you’re still keeping it simple and keeping those values front and center. Think straight. Talk straight.
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David Reuter liked thisDavid Reuter liked thisTonight we’re cheering on starting goalkeeper and our friend Matt Freese as he represents the U.S. in its opening FIFA World Cup 2026™ - Canada, Mexico and the United States match against Paraguay. ⚽ We first met Matt when he worked with us starting as an intern, and we’ve been fortunate to follow his incredible career ever since. Beyond his many accomplishments, what we admire most is Matt’s character and how he always makes time for the people around him. We’ve been lucky to have Matt in our corner over the years, and now we’re proud to be in his as fans while he and the U.S. Soccer Federation represent our country on soccer’s biggest stage! https://lnkd.in/eqj4M34V #USMNT #WorldCup #FIFA #FIFAWorldCup
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David Reuter liked thisDavid Reuter liked thisWe’re excited to welcome our 2026 Intern Class to LLR! Over the next ten weeks, these students will work alongside teams across the firm, build meaningful connections and gain hands-on experience as they learn about growth equity. Looking forward to seeing the impact you'll make at LLR. ☀️ • Megan Chan | University of Pennsylvania • Leslie Forman | Boston College • Aidan Pitzel | Bentley University • Lexi Bari | University of Pennsylvania • Kaitlyn Xie | Carnegie Mellon University • Dylan Sarkozy | Penn State University • Priya Patel | University of Pennsylvania • Dorothy Yao | Princeton University • Charles Lin | Carnegie Mellon University • Sahil Patel | Drexel University • Bridget McTear | UCLA #SummerInternship #PrivateEquityInternship #LLR
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David Reuter liked thisDavid Reuter liked thisSoltis Investment Advisors and Artifex Financial Group have joined forces. Founded in 2007 by Doug Kinsey, CFP®, CIMA® and Darren Harp, Artifex serves over 300 client households and local businesses. The addition expands Soltis’ presence and growth in the Midwest with an experienced team and three offices across Ohio. Congratulations to Clark Taylor, Jeffrey Harris, CMAA, MBA and the Soltis and Artifex teams on this exciting milestone! 🔗 https://lnkd.in/eBZf9aaS #WealthManagement #RIA #FinancialPlanning #MergersAndAcquisitions
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