Updated with correction Nov. 12, 2012
Apollo Global Management on Friday reported $109.7 billion in assets under management in the third quarter, a 5% increase from the previous quarter and up 69% from a year earlier.
Apollo Global Management's net income under GAAP was $83 million in the third quarter, compared to net losses of $41 million in the second quarter and $467 million for the quarter ended Sept. 30, 2011, according to the alternative investment firm's third-quarter earnings report.
Firm executives attributed the increase in assets over the 12-month period primarily to the growth of its credit business, up 168% to $60.1 billion. Assets in its credit business, formerly known as its capital markets business, were up 7.1% from June 30. (During the second quarter, the firm bought credit manager Stone Tower, which had about $17.8 billion in assets under management.)