Apollo’s John Zito questions private equity’s software valuations: ‘All the marks are wrong’

Key Points

Apollo executive John Zito said private equity firms are broadly misstating the value of their software holdings, telling UBS clients last month that “all the marks are wrong.”
Zito warned that lenders to smaller software companies could recover as little as 20 to 40 cents on the dollar, implying deep losses.
Apollo sought to distance itself from the damage, telling analysts that software companies represent less than 2% of the firm’s assets under management and that it has zero exposure to private equity stakes in software firms.

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