随著生成式人工智慧威胁颠覆软体行业，私募股权投资人正转向使用AI生成的软体复制品，以评估收购目标是否具备竞争优势。贝恩策略顾问公司（Bain & Company）正透过「氛围编码（vibecoding）」——即利用提示词和AI来撰写程式码——快速重建目标企业的软体部分。

这种新型的尽职调查方法让潜在买家能测试复制该技术的难易程度，并理解产品未来的演变方向。目前贝恩的顾问们已经建构了数百个粗糙的原型，此举甚至导致某些私募股权投资人因评估结果而决定退出竞标。

AI带来的颠覆已导致公开和私募市场的科技交易大幅放缓，投资人对软体企业的持久性感到担忧。贝恩透过生成式编码进行的尽职调查具有前瞻性，能帮助投资人想像收购目标的软体产品在未来五年内将如何被AI重塑。

Private equity investors are turning to AI-generated replicas of software to assess whether acquisition targets hold a competitive advantage, as generative AI threatens to upend the industry. Bain & Company is utilizing "vibecoding"—using prompts and AI to write code—to rapidly recreate portions of target companies' software.

This new due diligence method allows potential buyers to test how difficult the technology would be to reproduce and understand how the product could evolve. Bain consultants have already built hundreds of rough prototypes, which has even contributed to some private equity firms deciding to drop out of bidding.

The disruption caused by AI has led to a significant slowdown in tech transactions across both public and private markets, as investors worry about the endurance of software groups. Bain's generative coding due diligence is forward-looking, helping investors imagine how acquisition targets' software products could be reshaped by AI in five years.