Vista Equity Partners’ Chief Executive Officer Robert F. Smith said he expects AI to have a seismic impact on jobs in the private market industry. “We think that next year, 40% of the people at this conference will have an AI agent and the remaining 60% will be looking for work,” the company’s founder said in comments on Thursday at the SuperReturn International private capital conference in Berlin. Thousands of private markets professionals have descended on Berlin for the annual event to discuss the biggest topics affecting their industry. Artificial intelligence has dominated conversations as firms look to create value in their portfolio companies. “There are 1 billion knowledge workers on the planet today and all of those jobs will change,” Smith said, speaking about the impact of AI. “I’m not saying they’ll all go away, but they will all change.”
Vista, an investment firm with over $100 billion in assets under management, specializes in enterprise software, data and tech-driven businesses. Earlier this year, Bloomberg Intelligence released a report suggesting global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers. “You will have hyper productive people in organizations and you will have people who will need to find other things to do,” Smith said.

Full report : Vista Equity Partners’ Chief Executive Officer Robert F. Smith said he expects AI to have a seismic impact on jobs.