Saturday, 1 October 2016
Last updated 5 hours ago
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.