Private Equity Leaders Weigh AI Risks as Software Selloff Drives Share Downturns: ARES, Apollo, KKR, Blue Owl, Blackstone

February 13, 2026 — Executives from Apollo, Ares, Blackstone, KKR and Blue Owl warn that a broader selloff in software stocks, driven by AI disruption fears, is pressuring their shares despite strong earnings and intact balance sheets. Software exposure is small—less than 2% for Apollo, about 6% for Ares, 7% for Blackstone, 7% for KKR and 8% for Blue Owl—yet the sector’s decline is driving declines of roughly 24% for Blackstone, 29% for KKR and 36% for Blue Owl over the past six months. Apollo shares fell about 6% this week and 11% over six months. Blue Owl CEO Marc Lipschultz said the firm’s book of assets is strong and there is no meaningful loss, while KKR and Apollo executives described diversification and large dry powder positions as insulating factors. The broader narrative remains that AI-related disruption could outlast software valuations, continuing to weigh on private markets equities.