The Credit Edge by Bloomberg Intelligence European PE Giant Permira Looks to Buy Beaten Up Software Loans
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Mar 26, 2026 Ian Jackson, Head of Strategic Opportunities at Permira Credit with 25+ years in private credit, discusses buying beaten-up software loans. He explains why the market may have overreacted to AI, how Permira underwrites disruption risk, and why Europe offers attractive relative value. Topics include CLO dynamics, opportunistic secondary buys, and using AI internally to spot complex credit opportunities.
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Match Liquidity To Fund Structure
- Check fund liquidity design and transparency before investing in retail-oriented credit vehicles.
- Jackson notes many redemptions reflect mismatched investor liquidity needs versus illiquid private loans, not necessarily broken credits.
AI Selloff May Be Overdone In Software
- The market has overreacted to AI in software, creating price dislocation that may be temporary.
- Permira treats AI as a stress test: it asks whether AI makes a business more resilient or obsolete and whether effects are temporal or structural.
Underwrite For Downside Not AI Hype
- Focus credit underwriting on downside protection: stress test cashflow resilience, customer stickiness and mission-critical products.
- Jackson emphasizes avoiding losers rather than picking AI winners for credit positions.