Apollo Global Management on Thursday announced a record $413.6 billion in assets under management as of June 30, up 31.1% from three months earlier and up 32.6% from 12 months earlier.
This is a reversal in direction from Apollo's first-quarter results that showed a 4.7% drop in AUM.
Apollo's second-quarter AUM increase was due to two significant transactions by its insurance business as well as inflows and market appreciation, said Leon Black, co-founder, chairman and CEO, during an earnings webcast.
During the quarter, Apollo's U.S. insurance business, Athene, closed its reinsurance transaction with Jackson National Life Insurance Co., adding another $28 billion of AUM. Athora, its European insurance business, closed its acquisition of VIVAT from Anbang Group Holdings.
Sixty percent of Apollo's AUM is in permanent capital vehicles. The asset increase puts Apollo well on its way toward reaching its goal of $600 billion in AUM, Mr. Black said.