AI in PE Moves Past Promises

Hi, I’m Lily. I created this PE edition of the AI Dispatch for our growing community of thousands of private equity leaders and portfolio company operators navigating AI implementation.

This week’s theme: AI earns its keep.

The last phase demanded promises; this one demands proof. Vista reports 30 portfolio companies now generating revenue from agentic AI, with unit economics where 20 cents of inference yields $10 in savings. SimplePractice, Vista’s portco, is returning five hours per week to therapists through AI-powered documentation. LDC's quarterly AI sessions have grown from CTO-only calls to full C-suite attendance. The pattern across this week's stories is the same: AI is no longer pitching potential. It's posting results.

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What GPs Are Whispering About

Quarterly Portfolio "Show and Tell" Now Draws Full C-Suite

A Real Deals roundtable reveals where GPs stand on AI in 2026: they all agree that AI is no longer optional for PE. LDC's Chris Baker shared that his firm runs quarterly AI "show and tell" sessions across portfolio companies: what started as CTO-only calls now draws full C-suites. The most compelling development comes from Soho Square's Walid Fakhry on AI-powered due diligence: "The tools are becoming so powerful that if you are granted full access, you can release the AI agents, and they can go through everything in forensic detail." Agents can now map workflows, analyze sentiment, and surface cost savings in days. For buyers, this means unprecedented visibility into targets. The consensus: start with data infrastructure and business process automation; the ROI pathway is clearer than ever. Read more →

Vista's Agentic Factory: 30 Portfolio Companies Now Generating AI Revenue

Vista Equity Partners is proving what portfolio-wide AI infrastructure can do for you. Its agentic factory systematically deploys AI across 90+ enterprise software portfolio companies, and 30 are already generating revenue from agentic AI conversions, with 30-40 more in the pipeline. CEO Robert Smith reports 30-50% productivity gains in code writing, with unit economics where 20 cents of inference yields up to $10 in savings. Smith's thesis: hyperscalers built the rails, but application providers will capture the long-term economic rent. "AI will enable enterprise software to eat services," he said. Vista built the infrastructure 2.5 years ago, so portfolio companies converting now are reaping the rewards. Read more →

Wingman Backs InterProse to Deploy AI in Debt Collection

Wingman Growth Partners has invested in InterProse, a debt collection software provider, to fast-track development of InterProse’s Rainmaker AI platform. The deal reflects a clear investment thesis: AI-native infrastructure for operationally intensive, compliance-heavy verticals. Managing partner Jeff Machlin cited InterProse's "modern architecture, compliance-aligned design, AI-native features" as key to the deal. The ARM industry, burdened by legacy systems, is ripe for this kind of modernization play. InterProse, founded in 1996, brings deep domain expertise; Wingman's capital accelerates its AI roadmap. This is PE backing AI not as an add-on, but as the core value creation lever. Read more →

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Portfolio Gold

Every week, we’ll bring you a new, real-world example of how targeted AI deployments within portfolios are solving persistent business challenges.

SimplePractice Turns Therapy Documentation into a Five-Minute Task with Its AI Note Taker

Company: SimplePractice (Vista Equity Partners portfolio company), a practice management platform serving mental health professionals with scheduling, billing, telehealth, and clinical documentation tools.

Problem: Therapists face a universal burden: hours spent each week writing clinical notes, often after hours or between sessions. Documentation is essential for compliance and insurance claims, but it drains time that could go toward clients or self-care. A November 2024 SimplePractice survey found that while 50% of clinicians use AI for daily tasks, only 13% apply it to clinical documentation.

Solution: SimplePractice developed AI Note Taker that listens to sessions (in-person or telehealth), transcribes the conversation, and drafts structured progress notes in multiple formats. For therapists who prefer not to record, a Dictation tool lets them speak post-session thoughts and generate notes from audio or text uploads. The system learns from each edit, adapting to the clinician’s voice over time.

Results:

• 5 hours saved per week on documentation (average)

• 40% faster note completion

• 4 out of 5 therapists report improved note quality

• HIPAA-compliant, HITRUST-certified security

SimplePractice shows how a Vista portfolio company is operationalizing AI to solve a specific, high-frequency pain point, clinical documentation, while preserving the human judgment that therapy demands. The product doesn’t replace the therapist; it returns five hours a week to them.

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Lily’s Recommendation Corner

Jon Nuger and Sam Spirn, Managing Directors at Berkshire Partners, on the evolution of the private equity industry

In this ION Influencers fireside chat, Jon Nuger and Sam Spirn, Managing Directors at Berkshire Partners, discuss how the PE industry is evolving: from sector specialization to value creation playbooks to AI deployment. Their AI strategy is a dedicated, firm-wide AI team that helps portfolio companies implement both functional automation (third-party tools for daily tasks) and strategic AI (custom solutions for product differentiation). The team also acts as a talent evaluator, helping portcos identify and hire AI leadership. It’s a resource that would be out of reach for smaller, single-sector funds, and a model for how multi-sector platforms can scale AI support across portfolios. Watch/Listen here →

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Lily’s Closing Thoughts

The era of AI as a line item on a strategy deck is closing. What’s opening is an era of measurement: hours saved, revenue generated, productivity gained. For portfolio companies still waiting for the “right moment” to deploy, these results are the signal. AI has earned its keep. The question is whether your portfolio is collecting. As Intium Tech's Mart Lumeste put it: "The risk of doing nothing outweighs the risk of experimenting and not getting it exactly right immediately."

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Industry Events on the Horizon

SuperReturn GCC 2026: Saudi Arabia

January 26 - 27, 2026 | Riyadh
The GCC’s premier private capital gathering connects 1,000+ senior investors including 300+ LPs (Mubadala, PIF, KfW Capital) and 600+ GPs (Apollo, CVC Capital Partners). The event features 80+ speakers covering PE, private credit, VC, infrastructure, and real estate, plus LP-led sessions and curated networking. Free places for qualifying LPs. [Register here →]

NEXUS 2026

February 22 - 25, 2026 | JW Marriott Orlando, Grande Lakes
A premier gathering uniting PE leaders with active LP allocators through an LP Council, investor-only dinners, and pre-arranged meetings. Focus areas: navigating geopolitical fundraising turbulence, portfolio value creation, and raising capital in compressed timelines. Features curated introductions and swap sessions on fund tactics. [Register here →]