Apollo sees income rise in third quarter, raises $12bn for flagship fund


dollar3_170sqApollo Global Management reported a significant increase in its economic net income (ENI) for the third quarter and hiked the fixed component of its dividend to 15 pence from seven pence per share.

The firm also revealed that it has raised around $3.3bn for its flagship fund, Apollo Investment Fund VIII, which has received commitments of around $12bn.

The quarterly earnings report from Apollo showed that its ENI climbed to $529m from $379m in the same period of 2012.

Total gains from carried interest income amounted to $639m, up from $230m in the third quarter of 2012, while assets under management rose to $112.7bn from $109.7bn.

ENI in the private equity segment rose to $538.8m from $236.5m a year ago as carried interest climbed to $852.4m from $340.6m.

Chairman and CEO Leon Black said, “Apollo delivered strong results in the third quarter of 2013 driven by solid gains across our investment portfolio.

“Our value-oriented, opportunistic and flexible approach to investing has produced a steady stream of realizations and yielded $3.95 of cash per share for our shareholders during the past four quarters.

“In addition, we have raised nearly $14bn of new capital across the firm in the past four quarters, positioning us to capitalize on attractive investment opportunities as they present themselves.”

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