Apollo Global Management on Thursday reported total assets under management of $70 billion as of March 31, up 3.6% from three months earlier and 24.6% higher than a year earlier.
The assets were announced in the company’s first quarterly earnings report since its April 4 IPO. Apollo received net proceeds of $384 million from the IPO, which is being used for general corporate purposes and to fund the firm’s growth.
Apollo’s net income under GAAP results was $38.2 million, down from $206.3 million in the fourth quarter and compared to a net loss of $60.7 million in the first quarter 2010.
Apollo’s private equity AUM was $39.6 billion on March 31, up 2.1% from the fourth quarter and 15.1% compared to the year-earlier quarter. In its capital markets business, assets under management totaled $23.8 billion, up 6.7% from the prior quarter and 23.3% from a year earlier. Real estate total assets grew to $6.6 billion, up 1.2% from the fourth quarter and 162% from a year earlier.
Apollo’s private equity carried interest income of $441.7 million for the first quarter, included unrealized gains of $323.1 million, came mostly from the appreciation of three of Apollo’s private equity funds, Fund IV, Fund VI and Fund VII. During the period, Apollo’s real estate segment recognized higher expenses from the firm’s Nov. 2 acquisition of Citi Property Investors.
Apollo’s fee-generating assets under management were $48.3 billion on March 31, up 3% from the fourth quarter and 10% higher than the year-earlier period.