Private equity firms like Thoma Bravo and Permira are selling off portfolio companies returning some of the cash to investors. The value of PE firms’ sales has dropped below 40% of their spending for the first time since 2009, suggesting that a combination of tighter credit and falling valuations has forced them to extend their investment cycles past the usual five years. PE firms have planned some big sales in the near future, which may mean they understand that investors are hesitant to hand over more capital until they see some returns from their current investments.