Sep 16, 2026

PE Beat: Who Pays for 2021

Who absorbs 2021 deal prices? Ares on private credit, Abbott Capital and Ridgemont on marks, and ParkerGale on underwater management equity.

Kipp deVeer was asked about software companies bought at peak multiples and did the arithmetic out loud. Take one bought at 20 times. "Is that worth 12 times? Is it worth 14 times? Is it worth 16 times? I don't know. But I think the question is more for the equity than it is for the debt."

That is the co-president of Ares explaining why the negative headlines on private credit miss, in his view. Those deals were levered six or seven times, so the lender sits well below the damage. "I think it's more of a problem for the owners of some of these assets than it is for the lenders to these assets." A lender talking his own book. The arithmetic still holds. The write-down lands on the equity.

Sep 15, 2026

AI Weekly: Who Signed That Commit

Attackers at Lovable mimicked AI agent commits. Security and engineering leaders on why agents need their own identity, scoped access and a signed trail.

A Lovable customer asked the platform's agent to swap a link. The chat showed the usual notice that a commit had landed. About a second and a half later, an identical prompt and commit appeared. Same message, same everything, except this one carried malicious code, and it came from a contractor the customer had hired and handed access to the project.

Lovable security engineers Marcus Hallberg and Samuel Kelemen say the group behind it had spent more than a year refining the technique, testing payloads on its own projects before running them against customers. Kelemen's point is that nothing about it is exotic. Anyone invited into a project is "essentially, like, another employee, right? They have all the same access that an employee would in a bigger company." And the agent's signature is easy to wear. "One of my favorite tricks is I always add Marcus on all my commits, as well." His fix is old hygiene: "If we were using commit signing, you wouldn't be able to do this kind of impersonation thing."

Sep 14, 2026

SaaS Says: Not in the Token Business

Software vendors are pricing against the token meter. ThoughtSpot, Glean, RBC and Autodesk on where the moat sits once the model is a commodity.

Sep 11, 2026

Weekend Listens: Don't Judge by the Result

Three interviews that read past the obvious number: senior housing's margin gap, Europe's refining boom, and vets judged on outcomes.

Sep 9, 2026

PE Beat: No Steep Part Yet

Investors at KKR, Apollo and Vista call AI an incremental lever rather than a deal driver, which hands the week back to operating work.

Sep 8, 2026

AI Weekly: Upstream of the Gate

Engineering and security leaders are moving review ahead of generation, and the checks that hold turn out to be deterministic.

Sep 7, 2026

SaaS Says: The Cost of Checking

Generation got cheap and verification did not. Pangram, Shopify and Knit on who now pays to check what the machines produce.