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Apollo AUM surges 17% in quarter on closing of latest flagship private equity fund

Apollo Global Management reported $231.8 billion in assets under management as of June 30, up 17% from the end of the prior quarter and up 24% from June 30, 2016, according to the alternative investment firms earnings report released Wednesday.

Apollo attributed the AUM increase to new capital raised, noting that the firm collected $24.7 billion in commitments for its latest flagship private equity fund, Apollo Investment Fund IX. In all, the firm had $33.3 billion in net inflows in the quarter and a total of $43.4 billion in net inflows in the year ended June 30.

Apollo's largest business, credit, had $151 billion in AUM as of June 30, up 7% from March 31 and up 13% from June 30, 2016. Private equity AUM totaled $68 billion, up 52% from $44.6 billion as of March 31 and up 65% from $41.2 billion as of June 30, 2016. Apollo's real assets business had $13 billion in AUM, up 8% from three months earlier and up 16% from June 30, 2016.

GAAP net income was $86.9 million in the quarter, down 40% from $145.2 million in the previous quarter and down 50% from $174.1 million in the year-over-year quarter.

Management fees for the quarter ended June 30 totaled $281.3 million, up 4% from the prior quarter and up 5% from the quarter ended June 30, 2016. Advisory and transaction fees were $23.6 million, up 56% from $15.1 million in the first quarter and down 64% from $64.9 million in the year-over-year quarter.

Carried interest totaled $127.9 million in the quarter ended June 30, down 64% from $358.9 million in the prior quarter and down 61% from $328.5 million in the fourth quarter of 2016.