Apollo Global Management placed bets against the loans of several software makers as it grew increasingly bearish on technology firms vulnerable to artificial intelligence, the Financial Times reported.
The investor earlier this year was short loans of firms including Internet Brands, SonicWall and Perforce, the FT said, citing people with knowledge of the matter. The bets, which amounted to less than 1% of its $700 billion in credit assets and lasted for a large part of the year, have been closed, the newspaper said, citing some of the people.
Apollo declined to comment to the FT. KKR, Clearlake and Francisco Partners, the owners of the software makers, also declined to comment to the newspaper.
Marc Rowan, the asset manager's chief executive and co-founder, told investors at a conference this week that it aims to cut its overall software exposure in its credit funds to below 10% of net assets soon, the FT said, citing a person in attendance. Many of the funds started the year at roughly 20% exposure, according to the newspaper.
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