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Apollo says software represents under 2% of assets under management

Reuters
Feb 09
Apollo says software represents under 2% of assets under management

NEW YORK, Feb 9 (Reuters) - Apollo Global Management APO.N president Jim Zelter said on Monday the software sector represents less than 2% of the company's total assets under management.

Markets have whipsawed in recent days over concerns that artificial intelligence would disrupt basic business models, especially in software.

Exposure to software in Apollo's private equity business "rounds to zero", its Chief Executive Marc Rowan said on a conference call.

Rowan added that in Apollo's insurance business, Athene, "our software exposure rounds closer to zero than to one". In debt vehicle Apollo Debt Solutions, Rowan said exposure was half that of its large peers.

(Reporting by Isla Binnie in New York and Utkarsh Shetti in Bengaluru)

((isla.binnie@thomsonreuters.com))

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