Apollo executive warns of prolonged AI-driven software pain for private equity

One of Apollo Global Management's top executives said buyout firms are on the brink of a software reckoning, having failed to spot signs that AI would upend one of private equity's favorite sectors. The warning adds to growing concerns about PE's heavy exposure to software companies. The assessment aligns with Morgan Stanley's view that determining AI's winners and losers will take longer in private markets, where portfolio companies can't be repriced as quickly as public stocks.

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