Apollo Global Management's assets under management totaled $188.6 billion as of Sept. 30, up 1.2% from three months earlier and up 16.6% from the year earlier, said the company's third-quarter earnings release Friday.
The AUM increase for the quarter was driven by net inflows of $1.7 billion and $1.9 billion in market gains, which was partially offset by $1.2 billion in distributions.
Private equity AUM reached $42.2 billion at the end of September, up 2.4% from June 30 and up 10.2% from Sept. 30, 2015; credit AUM totaled $135.4 billion, up 1.1% and up 20% during the same periods, respectively; and real estate AUM reached $11 billion, down 0.9% and up 2.8%, respectively.
The firm reported GAAP net income of $234.7 million in the quarter, compared to net income of $415.8 million in the previous quarter and $96.6 million in the third quarter of 2015.
Total revenue was $503.7 million in the third quarter, vs. $660.5 million in third quarter and $193.3 million in the year-earlier quarter. Of that, advisory and transaction gains were a net gain of $29.8 million, vs. $64.9 million in the previous quarter and $9.3 million in the third quarter of 2015.
Management fees for the quarter totaled $274.3 million, up 2.7% from the previous quarter and up 15% from the year-earlier quarter. Carried interested was a net gain of $199.6 million, compared to a net gain of $328.5 million and a net loss of $54.6 million, during the same periods, respectively.