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Apollo Global Management Cuts Software Exposure Amid AI Concerns

12/13/2025

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Summary

Story summary

Apollo Global Management took short positions on loans to software firms, citing AI challenges.
The positions represented less than 1% of its $700 billion in credit assets.
The Financial Times reported targets as Internet Brands, SonicWall, and Perforce, with bets closed.
Marc Rowan, Apollo Global Management's chief executive officer, said the firm will reduce software exposure to below 10% of net assets.
KKR, Clearlake, and Francisco Partners did not comment.

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Story summary

Apollo Global Management took short positions on loans to software firms, citing AI challenges.
The positions represented less than 1% of its $700 billion in credit assets.
The Financial Times reported targets as Internet Brands, SonicWall, and Perforce, with bets closed.
Marc Rowan, Apollo Global Management's chief executive officer, said the firm will reduce software exposure to below 10% of net assets.
KKR, Clearlake, and Francisco Partners did not comment.