Apollo Global Management reported $159.3 billion in assets under management as of March 31, down 1.4% from three months earlier but up 39.4% from a year ago, according to the alternative investment firm's first-quarter earnings report released Thursday.
While the firm's credit AUM rose 0.3% to $101.2 billon in the first quarter, private equity AUM and real estate AUM during the quarter declined 3.7% to $48.1 billion and 4.2% to $8.9 billion, respectively. Most of the private equity business's drop in AUM was attributed to $3 billion in distributions.
The firm's credit segment led the way in capital raised, with $992 million in the first quarter, compared to the private equity raising $324 million and real estate raising $227 million.
U.S. GAAP net income was $72.2 million for the first quarter, compared to $249 million for the quarter ended March 31, 2013.
Management fees totaled $223.8 million for the three months ended March 31, up 36.2% from the first quarter of 2013. Carried interest from affiliates was $165.5 million, down 85% from the first quarter of 2013.
The firm's economic net income, the non-GAAP metric that includes the firm's unrealized portfolios, totaled $218.6 million in the first quarter, compared to $763.6 million in the same period in 2013. The company said in the earnings report the drop in ENI was driven by lower carried interest income from its private equity segment during the first quarter of 2014 compared to last year's first quarter.