Apollo's John Zito questions private equity's software valuations: 'All the marks are wrong'

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Apollo’s

John Zito had a blunt assessment of how private equity firms are valuing their software holdings as shares of comparable public tech companies have plunged: They’re not, he said.

Zito, co-president of the firm’s giant asset management division and its head of credit, spoke to clients of investment bank UBS last month in remarks first published by the Wall Street Journal. CNBC confirmed Zito’s comments.

“I literally think all the marks are wrong,” Zito told the clients. “I think private equity marks are wrong.”