As software investors continue to digest the [now obvious] public market regime change (aka mean reversion), they are increasingly debating the role software private equity (PE) firms play in establishing floor valuation multiples. In a recent piece, I explored why I believe software venture investors have effectively become forced buyers of consensus assets and, without a shift in perspectives or strategy, are at risk of eroding a few vintages of returns. I believe a similar dynamic exists in software PE, but with less clear implications for returns and more direct impacts for thinking about floor multiples.