Apollo Global Management's assets under management totaled $168 billion as of June 30, up 49% from $113 billion as of June 30, 2013, the alternative investment firm's second-quarter earnings report shows.
The increase in total AUM was attributed to the growth in Apollo's credit and private equity businesses. Credit assets under management grew 70% to $105.7 billion as of June 30, compared to a year earlier. The AUM of Apollo's private equity business grew to $51.6 billion, up 28% from June 30, 2013. Real estate assets were down slightly to $9.1 billion, from $9.5 billion a year earlier.
U.S. GAAP net income was $72 million for the second quarter, up 22% from the quarter ended June 30, 2013.
Total gross carried interest rose to $284.9 million in the second quarter, up 3% from the year-earlier quarter. Gross management fees grew to $226.4 million as of June 30, up 46% the year-earlier period. Advisory and transaction fees from affiliates, net of limited partner rebates, declined 7% to $60.8 million from the same period a year ago. Gross advisory and transaction fees were not available by press time.