Markets
Apollo's Zito Tells UBS: 'All the Marks Are Wrong' — PE Firms Broadly Misstating Software Portfolio Valuations
Apollo Global executive John Zito told UBS clients that private equity firms are broadly misstating the value of their software holdings, stating bluntly that 'all the marks are wrong.' Apollo's Sambur separately noted 'very large unknowns' in software AI disruption that will persist. This is a major signal: one of the largest alternative asset managers is publicly challenging the valuation integrity of the entire PE-held software sector. For builders, this means a wave of forced PE exits and fire-sale acquisitions is coming in 2026-2027.
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