Apollo Global Management and Fortress Investment Group on Thursday both reported declines in assets under management in the third quarter.
Apollo had $65.1 billion in assets as of Sept. 30, down 9.2% from three months earlier. Real estate assets ended the quarter at $7.9 billion. The firm’s portion of profits from investments, known as carried interest, was a negative $1.16 billion as write-downs erased earlier gains.
Fortress’ assets under management fell to $43.6 billion as of Sept. 30, down 0.4% from the end of the second quarter. Assets in private equity funds totaled $9.5 billion, down 5.2% from June 30.