Like other Wall Street firms upended by the technology, PE firms' motivation to make the move is tied to harnessing the copious amounts of data they manage.
GFT works with more than 20 private-equity firms for digital transformation, including a handful of tier-one PE companies, he said.
Some PE firms have tried to leverage their scale for pricing discounts among cloud providers, Mahenthiran said.
Major cloud providers, like AWS, Microsoft Azure, and Google Cloud Platform, have been hungry for more Wall Street market share.
That hasn't stopped PE firms from trying to hire out data-science and cloud teams to help front-office researchers find new opportunities and oversee internal cloud infrastructure, Vyas said.