.@carrynointerest explains the looming crisis for software private equity: “It all comes down to the fact that they were borrowing against ARR and not EBITDA. There’s very little profit to borrow against with a high-growth enterprise software company. And so what do you do? You need to juice your IRR somehow, so you need to borrow." "So you’ll go to a bunch of private credit funds and say, ‘Look, I’ve never lost money on a deal. You can’t lose with me. Just let me borrow against the ARR, and…