Apollo Global Management reported total assets under management $113.1 billion as of June 30, up 8% from a year earlier, according to Apollo's second-quarter earnings report released Thursday.
Apollo executives attributed the increase in the second quarter to $6.9 billion in new capital raised, compared to just $2.3 billion in new capital raised in the three months ended June 30, 2012.
GAAP net income increased 44% to $58.7 million in the second quarter compared to the second quarter of 2012. Total revenue grew 4% to $244.5 million in the period, while management fees increased 8% to $169.3 million. This was primarily the result of an increase of fee-generating assets in Apollo's credit business.
