Private Credit Piles Into OneStream Debt Despite Software Pains

Private credit firms led by Blue Owl Capital Inc. are financing a $1.4 billion loan to support Hg’s acquisition of OneStream Inc., a corporate performance management software provider. The deal highlights private credit’s growing role in funding large-scale tech buyouts, despite broader market skepticism about software sector valuations and growth potential. OneStream, known for financial consolidation tools, becomes a high-profile target amid private equity’s push into enterprise software, even as some firms face operational challenges. The transaction underscores private lenders’ willingness to back established software platforms with stable cash flows, prioritizing long-term revenue over short-term market volatility. Analysts note the move reflects confidence in OneStream’s niche dominance, though concerns persist about broader software industry headwinds, including AI disruption and customer retention risks.