Selling in 2027? What a buyer will find in your 2026 numbers, and how to find it first. Live session, January 20. Owner session, January 20.Reserve your seat
Capital Row
Buy-side coverageHolding companies and family offices

Buy to hold means you cannot sell the mistake.

A sponsor can exit an end market that turns. You hold it. The customers behind a software company’s revenue are the part of the purchase you keep longest, so they are the part to read first.

Discuss acquisition criteria
The end market first Financials traced to source Before the letter of intent
For buyers · Where the deals are
54%

of SaaS M&A in the second quarter of 2026 was vertical software. The category you hold for decades is now the larger half of the market.

Software Equity Group, 2Q26 SaaS M&A and Public Market Report, published August 5, 2026. Share of SaaS M&A transactions in the quarter.

For buyers · What a permanent holder carries

A retention rate is a median. The customers behind it are what you will hold.

Published retention figures for private software companies differ by twenty-one points, depending on who was measured. A holder with no exit needs the answer for one company, and for the customers behind it.

103%
Median net revenue retention, one surveyPrivate software companies with $3M to $20M of recurring revenue, mostly bootstrapped. Gross retention in the same survey: 91 percent.
82%
Median net revenue retention, anotherBilling-platform data across private B2B software companies. A different population of companies, not a measurement error.
26%
Healthcare providers’ share of August 2026 liability management transactionsThe largest single group, ahead of software and IT services at 11 percent each. In healthcare software, these are the customers.
25.3%
Broken letters of intent that died on a finding outside the earnings workA license, a contract, a compliance gap, a customer concentration. Up from 19.1 percent in 2023.

SaaS Capital, annual survey of more than 1,000 private B2B SaaS companies, April 24, 2026. ChartMogul, billing-platform data, December 10, 2025. The two retention figures measure different populations and are shown side by side, not averaged. PitchBook LCD, September 2, 2026. A lower-middle-market deal platform’s published study of broken letters of intent, January 27, 2026: seventy-five broken letters across eight buyer types and eight industries, with 2023 comparisons from the same series. The percentages are separate reported categories and are not summed here.

Permanent capital · What the desk does for you

Six things the desk does before a name reaches you.

A permanent holder cannot sell the mistake. The desk reads what you will hold before you hold it.

The sectorMapped before anyone sells

The companies in it, the buyers active in it, and where its deals break, read before any owner has decided to sell.

The end marketRead for the hold

With no exit, the customers’ own industry is the whole case. The desk reads its condition and its direction, not the quarter.

The ownersKnown ahead of a process

Relationships built before a banker is hired, so a holder with a long horizon is already known when the owner decides.

The evidenceTraced to source

Revenue reconciled to bank deposits, every adjustment marked supported or unsupported, before the letter is priced.

The customersBehind the retention figure

A retention rate is a median. The desk reads the customers behind it, their contracts and their own markets.

The fitScored against your criteria

Each business scored and ranked against criteria and weights you approved. You decide which to pursue.

Permanent capital · The evidence before the letter

What is on the record before you price it.

QuestionHow it is usually answeredHow the desk answers it
Who are the customers?A top-ten list from the deck.Every customer, by revenue, contract term, renewal date and the condition of its own industry.
Does the retention hold?A figure from the CRM.Gross and net retention by cohort, rebuilt from invoices and bank deposits.
What does the business earn?Adjusted earnings, as presented.Every adjustment marked supported or unsupported, with the document that decides it.
Can it run without the owner?A conversation at the management meeting.Who decides, who sells, who delivers, from the records and the procedures, before the meeting.
What transfers?Counsel’s review, in week six.Every contract, license and permit with a consent requirement, listed before the letter.
What ended the last deal in this sector?Nobody asks.The Dead Deal Notes, coded by sector, stage and finding.
Permanent capital · How an engagement works

Each engagement starts with your criteria and a clearly defined sector.

1Your criteria

Your acquisition criteria and one clearly defined sector. The work covers one sector at a time, with scope agreed in writing before it begins.

2Businesses that fit

The software businesses in that sector, scored and ranked against criteria and weights you approved. You decide which to pursue.

3Owner relationships

Built ahead of a process. Nothing about a company reaches you without its owner’s permission.

4The view before the letter

Each opportunity assessed before a letter of intent, so you are pricing against the findings instead of renegotiating after them.

Permanent capital · Questions

Plain answers, then a conversation if you want one.

Why is the end market the whole case for a permanent holder?

Because there is no exit buyer to run the end-market work for you. A fund sells before the customers’ industry turns; a holder carries it. The desk reads the customers’ market before the opportunity is priced.

What does criteria on file ask of me?

Your criteria, confirmed with you each quarter. A retained search covers one sector at a time, with scope agreed in writing.

Do you represent the seller as well?

Never on the same transaction. Capital Row acts for one side, under a scope agreed in writing.

How does a company reach me?

Only with its owner’s permission, and only when it fits criteria you approved. You hear about the ones that fit, with the evidence attached.

What is the first conversation?

Your criteria and the sectors that match them. Read by a person.

For buyers · What the work covers

The end market, read before the opportunity is priced.

You are buying the customers along with the code. The work starts with the sector and ends with one company’s numbers traced to source.

01
The sector, defined

Each engagement starts with your acquisition criteria and a clearly defined sector. Scope is agreed in writing before any work begins.

02
Businesses that fit

The software businesses in that sector that match your acquisition strategy.

03
Owner relationships

Built ahead of a process. Nothing about a company reaches you without its owner’s permission.

04
The view before the letter

Each opportunity assessed before a letter of intent, with revenue reconciled to bank deposits and each adjustment marked supported or unsupported.

For buyers

Put your criteria on file.
See the rest of your market.

Capital Row helps buyers see more of their own market, with the financials traced to source before the letter of intent.

Discuss acquisition criteria

Read by a person.