Will software eat the creditors? Equity, without the upside | FT Alphaville

> . . . **25—35%** of private credit portfolios face elevated AI disruption risk. Using BDC portfolios as a proxy (**AUM of ~$450bn, $350bn of which is public**), exposure to high disruption risk subsectors is most acute in technology (**~24% of BDC holdings**) and business services (**~30% of BDC holdings**), including legacy SaaS firms with seatbased pricing models, back office application firms, staffing…