Updated with correction
Unrealized market losses from the COVID-19 pandemic in the first quarter drove down Apollo Global Management's assets under management to $315.5 billion, a 4.7% drop from $331.1 billion at the end of the prior quarter but a 4.1% rise from $303 billion year-over-year.
The significant unrealized mark-to-market losses of Apollo's underlying funds were in line with volatility in the public credit and equity markets, Apollo co-founder and CIO Joshua Harris said Friday on an earnings call.
He said that Apollo is "a prisoner of the markets" on a short-term basis.
The declines were partially offset by fundraising, Apollo's earnings release said.
The AUM of Apollo's largest business, credit, was $209.7 billion as of March 31, down 2.7% from $215.5 billion at the end of the fourth quarter, but up 8.3% from $193.7 billion at the end of the year-earlier quarter.
In the first quarter, Apollo invested $3.4 billion mostly in corporate credit as well as structured credit, direct lending, longevity assets and reinsurance transactions.