From SaaS to AI-First: A Candid Conversation on the Future of Software Investing
About this episode
The episode features a discussion on the future of software investing in an AI-driven market with Neil Malik, focusing on the implications of the 'SaaS apocalypse'.
Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Neil Malik , Founder and CEO of K1 Investment Management , to unpack what the so‑called “SaaS apocalypse” really means for software investors in an AI‑driven market. They trace the evolution of K1’s strategy across nearly 300 enterprise software investments and dig into how Neil is triaging portfolio companies into green, yellow, and red buckets based on depth of workflow, system‑of‑record status, and the uniqueness of their data. The conversation also covers the risks of backing pure “LLM wrappers,” why regulated and infrastructure‑like software businesses may be more resilient, how multiple compression is reshaping return math for private equity, and why today’s AI and data center boom rhymes with prior infrastructure hype cycles. Please find full…
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