AI Threat: How Fortino Is Reinventing Its Most Challenging Assets

The AI transformation is fundamentally challenging many software business models, some of which are also privately owned. Photo: KanawatTH – stock.adobe.com

Original article published by Olivia Harder on September 10, 2026, 8:00 AM

Artificial intelligence is threatening the very core of the business models of many of Fortino Capital’s portfolio companies. To nevertheless make them exit-ready, the software investor is resorting to unconventional measures, with success.

When private equity identified software as its new favourite sector a few years ago, the industry was probably not yet aware of the challenges it would face several years later. Artificial intelligence (AI) is having a significant impact on the business models of many software companies, some of which are also PE-owned.

One investor that has experienced this first-hand is Fortino Capital, a B2B software investor based in Antwerp. The Belgian firm generally takes majority stakes in founder-led companies that already have a strong position in their home markets. Managing Partner Philipp Remy is responsible for transactions in Germany.

For much of the past year, it initially looked as though artificial intelligence could strike at the very core of the business models of several of Fortino’s portfolio companies. While AI continues to call entire business models into question, the situation has eased somewhat since the major shock in the capital markets at the beginning of this year.

Since the beginning of the second half of 2026, the thesis of a general “death of software” has increasingly given way to a more sober and differentiated view, as Remy, Head of Germany, emphasises: “The disruption is still there, but established providers are demonstrating that they are capable of integrating and monetising AI rather than being displaced by it.”

How does Fortino Capital’s “AI Studio” work?

To ensure that its own portfolio companies can establish themselves as successful providers in the future, Fortino has come up with an approach. To position its portfolio companies for the future and thereby also make them exit-ready, the financial investor created the AI Studio and brought AI and technology specialist Julien Simon on board for this purpose.

The AI Operating Partner joined private equity investor Fortino in November 2025. Simon quickly familiarised himself with the AI challenges facing all 19 of the investor’s active portfolio companies. The unit led by Simon, which consists of four employees, predominantly with technology backgrounds, has since been working continuously with all of the portfolio companies on their AI transformation.

Simon, who brings experience from Amazon Web Services and Hugging Face, explains what this means in concrete terms in an interview with FINANCE: “On a weekly basis, we exchange views with the management teams of the portfolio companies, including on the question of what impact AI developments have on technology, culture, organisation and the pricing model.”

In this way, Fortino aims to ensure that the mindset within its companies changes. “Everyone needs to be aware of the risks of not engaging with AI, but also of the opportunities it offers and how they can make use of them.” As a rule, the Studio engages with Chief Technology Officers or Chief Product Officers, and, where necessary, with other executives as well.

Fortino turns product development on its head

But the work of the AI Studio does not stop there. It also works directly with the portfolio companies to make their processes and products “AI-ready”.

In practice, this means that instead of spending months programming new features and only making them available to customers once they are finished, companies supported by the AI Studio are now rolling out new AI features almost every week. “We then measure usage, collect customer feedback, evaluate it and adapt the product solution. Where necessary, we repeat the process,” explains Fortino partner Simon.

It is also important, he says, to bring employees, management and the investment team onto the same page. “It is no use if the investment professionals at Fortino or the company’s management do not understand what we are changing operationally. Conversely, the employees working on the operational side must also understand our interests as an investor and those of the Board,” Simon emphasises. Otherwise, there is a risk that the different parties will block one another during the transformation process.

Fortino: “AI companies achieve higher multiples”

Working in this way, several portfolio companies have brought new, market-ready AI products to market within just a few months. Traditional software companies without a driving private equity investor behind them would probably have needed years to do so, estimates AI expert Simon.

“With two or three programmers, a product can be brought to market quickly,” he is convinced. What is more, the coders do not necessarily have to be programmers or have trained for the job. Many programming skills can also be acquired with the help of AI.

Fortino also expects the work of the AI Studio to increase the valuations of its portfolio companies. “Those who truly embrace AI will achieve higher multiples at exit,” says Simon. What matters, he says, is not merely to initiate the AI transformation superficially, but also to provide demonstrable metrics that substantiate an operational improvement in the company.

How are LPs responding to Fortino’s transformation approach?

But does the work of the AI Studio ultimately convince the Limited Partners (LPs), as well as potential buyers of Fortino’s software portfolio companies?

At least as far as its financial backers are concerned, Fortino appears to have won them over with the concept: “Of course, our LPs asked a lot of questions at the beginning. Overall, however, they were positively surprised by the AI Studio and by how closely we work with the portfolio companies,” Simon confirms.
 

Simon’s advice to other investors in a similar position is correspondingly pragmatic: no lengthy plans, no grand presentations. What a company needs are employees who understand the product and its complexity and who are eager to lead the way as pioneers.

“Forget conservative approaches. The project has to sound crazy for it to succeed!” the AI expert suggests. His advice: “Pick the most difficult problem and put your most committed employees on it. They will have found a solution faster than an investor can develop a PowerPoint presentation on a transformation strategy.”