In a wide‑ranging interview, DJ Deb, co‑founder and CEO of Francisco Partners, said that 2021‑24 will likely be bad vintages in private equity while 2025‑28 should become great vintages, even as the firm closed the biggest fundraise in its 27‑year history. He also warned that venture capitalists’ hype may create a bubble, but human nature remains unchanged.

The firm announced in July the closing of $21bn in capital commitments across its flagship FP VIII fund ($16.4bn) and mid‑market Agility IV fund ($4.6bn), surpassing initial targets and bringing total capital raised to more than $75bn. It continues to invest from its $13.5bn FP VII and $3.3bn Agility III funds, with initial deals expected in Q4.

Deb explained the firm’s 12 verticals, each run by a dedicated partner, and described its “complexity arbitrage” strategy of buying confusion at a discount and selling clarity at a premium, to be deployed over 3-4 years while staying true to its core ethos.

He reassured LPs that trust is the key to the GP‑LP relationship, highlighted the firm’s top‑three performance ranking for six consecutive years, and noted that strategic buyers remain the primary source of exit liquidity, with IPOs accounting for under 10 % historically.