Apollo's John Zito questions private equity's software valuations: 'All the marks are wrong'
By Hugh Son
Published on March 16, 2026.
Apollo's John Zito, co-president of the firm's asset management division and head of credit, has criticised private equity firms' software valuations, stating that they are wrong as shares of comparable public tech companies have fallen. This comes amid concerns that private credit lenders are holding onto stale valuations of their software loans, leading to a surge in redemptions as retail investors have withdrawn $10 billion from private credit funds in the first quarter. Zito's comments came in an interview with clients of investment bank UBS.
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