Apollo Global's AUM rockets 51% in 2012 to $113.4 billion
By Arleen Jacobius | February 8, 2013 4:23 pm
Apollo Global Management's assets under management grew to $113.4 billion as of Dec. 31, up 51% from a year earlier, according to the alternative investment firm's earnings report released Friday.
Apollo's net income under generally accepted accounting principles was $311 million for the year ended Dec. 31, compared to a loss of $469 million for year-end 2011.
The increase in total assets under management is primarily due to growth of the firm's credit business, which was up 102% to $64.4 billion as of Dec. 31, from $32.5 billion as of year-end 2011. During the period, Apollo acquired alternative credit manager Stone Tower Capital, which ran about $17 billion. The deal closed April 2.
Apollo's total AUM also includes $2.3 billion of commitments that have yet to be deployed to an Apollo fund.
Apollo's private equity AUM grew to $37.8 billion as of Dec. 31, up 7% from year-end 2011. Its real estate business' AUM rose to $8.8 billion at year-end, up 10% from $7.97 billion at Dec. 31, 2011.
Apollo earned $580.6 million in management fees at year-end, up 19% from the previous year. Carried interest accounted for $2.1 billion of revenue as of Dec. 31 vs. a loss of $397.9 million at year-end 2011.