Orlando Bravo did not mince words at Thoma Bravo’s annual investor meeting in Miami yesterday. Speaking exclusively with CNBC’s Leslie Picker on the floor of the event, the firm’s founder and managing partner addressed the AI disruption narrative head-on – and drew a sharp line between the software companies his firm owns and the ones it would not touch. “There are many, many software companies in the public markets that will be disrupted from AI,” Bravo told Picker. “Those companies were going to be disrupted anyway. AI will create that disruption a lot faster, and some of the decreases in their valuations are very warranted.”

Thoma Bravo manages over $183 billion in assets across roughly 80 enterprise software companies, making it the largest investment firm with concentrated exposure to the software sector. That portfolio visibility – into customer contracts, renewal rates, and the operating fundamentals of dozens of companies – gives Bravo’s assessment unusual weight. This was not a market prediction. It was a practitioner’s observation. The RiskTech industry should take it seriously.