Apollo Global Management reported total assets under management of $112.7 billion as of Sept. 30, up 3% from a year earlier, according the alternative investment firm's third-quarter earnings report released Thursday.
The AUM increase includes $4 billion of new capital raised in the third quarter, compared to $1.5 billion in new capital raised in the third quarter of 2012. The bulk of the new commitments raised in the third quarter — $3.3 billion — was for Apollo's newest private equity fund, Apollo Investment Fund VIII. Commitments raised by the fund totaled $10 billion as of Sept. 30.
U.S. GAAP net income was $192.5 million for the third quarter, compared to $82.7 million for the year-ago quarter.
Management fees were up 2% to $151.1 million as of Sept. 30 compared to the third quarter of 2012. Carried interest from affiliates was up 73% to $952 million from the third quarter of 2012.
Apollo's economic net income was $529 million compared to $379 million for the same period in 2012. ENI is a non-GAAP metric favored by listed private equity firms that includes firms' unrealized portfolio. The increase in total carried interest income during the third quarter of 2013 was driven by increased valuations of a number of investments held by funds.
Apollo's private equity AUM was up 10% to $42.8 billion on the year. Apollo's credit AUM was $59.4 billion, down 1% from a year before. Apollo's real estate AUM was $9.3 billion, up 15% from Sept. 30, 2012.
