AI Disruption Puts Alt-Investment Manager Software Exposures in Focus
Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure. While direct lenders, including business development companies (BDCs), typically have sizable software exposures, Fitch-rated alternative investment managers (alt IMs) are generally more diversified, with software representing roughly 2% to 11% of assets under management (AUM) as of Dec. 31, 2025.
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