Looking at 10 year returns isn't good enough because we have been in a bull market for over ten years. You need to increase the horizon to get more accurate returns
Why would a private SaaS that sells to companies do better than the public markets in bear market? If anything if the market suddenly turns then holding a stake in a company that is illiquid is worse because you can’t sell if you need to.
Being (1) private, and (2) moderately-sized, allows you to adapt more quickly - same reason why buyouts of public companies usually end with delisting.
Useful thing in a downturn!
This is going to be one hell of a bear market. Can't wait.