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TheStreet Open House

Apollo Global Management, LLC Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2012

Stocks in this article: APO

Apollo’s Incentive Business reported $2,163.6 million of total carried interest income for the year ended December 31, 2012, compared to ($442.0) million for the same period in 2011. There were $997.2 million of realized gains from carried interest income for the year ended December 31, 2012, an increase of $352.6 million, or 55%, compared to the same period in 2011.

Total expenses for Apollo’s Management Business were $164.1 million for the fourth quarter ended December 31, 2012, an increase of $33.2 million, or 25%, from the same period in 2011. Total expenses for Apollo’s Management Business were $600.2 million for the year ended December 31, 2012, an increase of $56.9 million, or 10%, compared to the same period in 2011. The increase in total expenses for the quarter and year ended December 31, 2012 was partially driven by $8.2 million and $18.4 million of higher placement fees, respectively, primarily due to the larger amount of capital that was raised in 2012 compared to 2011.

Private Equity Segment

ENI from Apollo’s private equity segment was $609.0 million for the fourth quarter of 2012, compared to $232.4 million for the fourth quarter of 2011. The significant quarter over quarter increase was largely driven by total carried interest income of $873.1 million for the fourth quarter of 2012, compared to $328.7 million for the fourth quarter of 2011.

Apollo’s private equity funds, as measured by internal rate of return (“IRR”), continued to perform well during the fourth quarter of 2012. From its inception in 2008 through December 31, 2012, Fund VII generated an annual gross and net IRR of 35% and 26%, respectively. Fund VI, which began investing in 2006, generated an annual gross and net IRR of 11% and 9%, respectively, since its inception through December 31, 2012. The combined fair value of Apollo’s private equity funds, excluding A.P. Alternative Assets, L.P. ("AAA") was 57% above cost as of December 31, 2012 and appreciated by 9% during the fourth quarter of 2012. Uncalled private equity commitments were $7.5 billion as of December 31, 2012, which includes over $1 billion from Apollo’s natural resources fund.

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