The business service sector doesn’t produce tangible commodities. Private equity has long banked on the sector to produce tangible returns (even as those returns are under pressure from a hyper-competitive landscape). Most business support services can be competently undertaken in-house. Offshoring helped drive the fortunes of (and investments in) the sector a decade ago. Competition, resulting from a low barrier to entry, has driven other industry dynamics to the fore, most notably sector specialization and consolidation. Though business support services will always remain a significant sector in any mature market, these underlying dynamics will affect industry trajectory and may further impact investment strategy.