Apollo Profit Doubles

Nov 7 2013 | 12:28pm ET

Apollo Global Management's third-quarter profit has more than doubled on stronger returns and investment exits.

The New York-based private-equity giant said its net income for the quarter jumped to $192.5 million from $82.8 million on a 59% increase in revenue. Economic net income rose nearly 40% to $529 million, easily topping analysts' estimates.

Apollo's assets under management were $157 billion at the end of September. The firm raised about $3.3 billion for its eighth fund in the quarter; Apollo recently asked investors for permission to raise up to $17.5 billion for that vehicle, rather than its current $15 billion cap. The firm has about $12 billion in commitments for the fund.

Apollo has been making good on founder Leon Black's pledge to sell "everything that's not nailed down," realizing some $638.9 million in carried-interest income. And the investments the firm continues to hold also contributed to the bottom line, with an 18% return in the third quarter.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...