Tech private equity vets raise $3 billion for digitization fund

• Roux tells Axios that he feels like he did when launching Silver Lake 23 years ago, before most of private equity cared about tech, in that peers soon will recognize digitization as the next big investable trend.
• "I liken it to what happened at the turn of the century when the entire economy went from steam powered to electric," he says. "It took 30 years! Not everyone moves at the same time. Just look at autos, where Tesla has been around for 15 years but many automakers are just now introducing competitive products.

Details: BayPine expects to have a concentrated portfolio of 10 or fewer companies, with three investments already in the portfolio (Penn Foster, Mavis Tire and Pinnacle Dermatology).