Apollo Profit Doubles

Nov 7 2013 | 11:28am 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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...