Leveraged-loan issuance for acquisitions has been subdued this year, with buyout financing accounting for just 10% of 2025 volume. Investors have been awaiting larger transactions to reignite activity in the market.

Thoma Bravo, one of the most active tech-focused private equity firms, announced the Dayforce deal earlier this year. It has also agreed smaller software acquisitions, including Olo and Verint, with funding yet to be syndicated.