Andreessen Horowitz asks whether private equity is cooked as tech buyouts shrink

An a16z newsletter argues the buyout playbook is losing ground in tech while venture funds post stronger marks Private equity’s share of global tech buyout deals has fallen from 34% in 2023 to 11% in early 2026. That is roughly two-thirds of its footprint gone in about three years. The figure comes from Andreessen Horowitz partner Jen Kha, whose November 4, 2026 newsletter carries a blunt title: “Is Private Equity Cooked?” Coming from a venture firm, the question is a little like Coke publishing a think piece on Pepsi’s struggles. The numbers behind it still deserve a look. The case against the buyout playbook Kha opens with an observation that sounds like gossip from an LP dinner, but she backs it with data. “Most people I talk to agree that tech buyouts are in a tough spot right now.” Here is the odd part. Limited partners, the pension funds and endowments that supply the cash, keep re-upping with the same buyout managers anyway. Kha’s explanation is habit. Tech buyouts have long been treated as the dependable corner of private markets, the place you put money when you want returns without drama. Recent valuation marks challenge that reputation. In the first half of 2026, venture...