Closing Bell Closing Bell: Navigating Alternative Investments 10/14/25
Oct 14, 2025
Robert Smith, the founder and CEO of Vista Equity Partners, shares insights on how AI is reshaping enterprise software, including the emergence of agentic AI as a game changer for productivity. Kristin Olson, Head of Alternatives at Goldman Sachs, discusses the new generation of investors diving into private markets, emphasizing the need for education around alternative investments. Both guests highlight current market dynamics, the shift towards operational improvements, and the intriguing rise of private equity amidst evolving economic conditions.
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AI Adoption Plays Out In Waves
- Robert Smith says AI adoption is multi-phased with hardware and hyperscalers first, then app users capturing long-term value.
- He predicts enterprise (agentic) software will ultimately capture the largest economic rent when implemented well.
Agentic AI Will Replace Service Workflows
- Smith argues AI will enable enterprise software to 'eat services' by creating agentic workers that perform high-frequency, lower-cost tasks.
- He stresses enterprise-grade precision and data sovereignty are critical to capture long-term value.
Three Categories For Enterprise Software
- Vista classifies enterprise software into three buckets: agentic, rule-of-70/40, and 'no right to exist' if lacking workflow/data control.
- Firms that maintain workflow and data sovereignty will excel by delivering agentic product-services.