Ashley MacNeill on Market Volatility, Software and Deal Activity in 2025 | Vista Equity Partners

Ashley MacNeill, Head of Equity Capital Markets at Vista Equity Partners, shares her perspective on the current market environment, ongoing volatility, and what it means for software investing and deal activity in 2025.

MacNeill discusses how recent market dislocations have created both challenges and opportunities for long-term investors. She explains why software remains a defensible and resilient sector, even amid uncertainty, and identifies key areas such as cybersecurity, vertical SaaS, and data moats that offer durable growth potential.

Despite short-term market turbulence, MacNeill emphasizes the importance of maintaining a long-term view. She highlights that Vista continues to see strong fundamentals in enterprise software and believes this period presents an attractive opportunity to deploy capital strategically.

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Vista Equity Partners (Vista) is a leading global technology investor specializing in software. Through its private market strategies — private equity and private credit — and tailored private wealth solutions, Vista seeks to deliver differentiated returns using a proprietary, disciplined approach. Over more than 25 years, the firm has built a diversified portfolio of mission-critical software companies serving millions worldwide. Vista’s private equity strategy actively partners with its portfolio to harness transformative technologies like generative AI, driving innovation and operational excellence at scale.