Apollo Global Management on Friday reported $75.3 billion in assets under management as of Dec 31, up 11% from a year earlier, according to the alternative investment firm’s earnings report.
Apollo Global had $35.4 billion in private equity assets under management, down 8.8% from 2010. Its capital markets assets totaled $31.9 billion, up 43%, and real estate assets were $7.97 billion, up 23%.
Apollo Global Management reported a net loss under GAAP of $468.8 million for the year ended Dec. 31, compared to net income of $94.6 million a year earlier.
During the year, Apollo added subscriptions and raised capital totaling $3.8 billion, up from $617 million, as well as redemptions of $532 million in 2011 — all from Apollo’s capital markets segment — up from $338 million in 2010.
Of the three business segments last year, only real estate posted income, $245 million. Apollo’s private equity segment lost $1.6 billion and capital markets lost $110 million.
Apollo attributed the $4.6 million increase in real estate revenues primarily to increased management fees from its acquisition of Citi Property Investors in November.
Apollo’s increased assets under management in 2011 included $6.2 billion related to its purchase of retirement services company Athene Life Re and its affiliates, and $3 billion from the acquisition of credit portfolio manager Gulf Stream Asset Management in the fourth quarter. Both deals closed last year.
In December, Apollo announced the purchase of Stone Tower Capital, an alternative credit manager with $18 billion in assets under management. The sale is expected to close in April, subject to closing conditions. Stone Tower’s assets were not included in Apollo’s total for year-end 2011.