Private equity firms are making contrarian bets on online marketplace companies as artificial intelligence threatens to disrupt their traditional business models. Morgan Stanley analysts note that platforms like Rightmove, Autotrader, and Europe's Hemnet have seen combined market values shrink by more than 40 percent over the past six months.

Despite the downturn, Apax Partners acquired Israel's Yad2 for $950 million in December at an 18-times forward EBITDA multiple, representing a 50 percent premium to listed peers. The deal highlights how depressed valuations might attract buyers to other marketplace platforms. For instance, Autotrader could be acquired for approximately £5.6 billion including debt if a buyer offered a 40 percent premium to its current valuation.

These marketplaces aren't equally vulnerable to AI disruption. Peer-to-peer platforms in markets like Israel, where individuals negotiate directly without dealerships, maintain stronger moats. Companies can also build resilience by expanding beyond simple listings - Autotrader leverages valuable data on customer purchasing patterns, while platforms like LinkedIn combine recruitment with networking features. The most adaptable marketplaces may even field their own AI agents trained on proprietary data, potentially turning disruption into opportunity.