Huge private equity software bets most at risk as investors face returns squeeze, Apollo says

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Private equity has a $4 trillion backlog of unsold assets as average hold times have doubled from four to eight years. — A massive overhang of illiquid assets creates significant downward pressure on future exit valuations as firms are forced to return capital.
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Software now accounts for 40% of global buyout volumes, up from 10%, creating a systemic risk management failure. — Extreme concentration in a single sector increases the vulnerability of the entire PE asset class to sector-specific shocks or AI disruption.
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Last year marked the first time in history that sponsor exits occurred at prices lower than the assets' marked valuations. — This indicates a fundamental break in valuation trends and suggests that aggressive marks across the industry may be unsustainable.
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