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

The following table summarizes the investment record for certain funds and SIAs with no maturity date. All amounts are as of December 31, 2012, unless otherwise noted:

            Net Return
Strategy Vintage Year Net Asset Value as of December 31, 2012

Since Inception to December 31, 2012

 

For the Year Ended December 31, 2012

 

For the Year Ended December 31, 2011

 

For the Year Ended December 31, 2010

(in millions)
ACSP (1)(2) Opportunistic Credit 2012 216.4

NM

(1)

NM

(1)

NM

(1)

NM

(1)

ACSF (3) Opportunistic Credit 2011 164.5

NM

(1)

NM

(1)

NM

(1)

NM

(1)

AFT (1)(4) U.S. Performing Credit 2011 290.8

NM

(1)

NM

(1)

NM

(1)

NM

(1)

AMTG (1)(5)(6) Structured Credit 2011 691.4

NM

(1)

NM

(1)

NM

(1)

NM

(1)

STCS (3) Opportunistic Credit 2010 105.3

NM

(3)

NM

(3)

NM

(3)

NM

(3)

SOMA (7) Opportunistic Credit 2007 758.2 44.9 15.1

(10.5

)

16.9
ACF (3) U.S. Performing Credit 2005 1,790.1

NM

(3)

NM

(3)

NM

(3)

NM

(3)

AINV (8) Opportunistic Credit 2004 1,652.1 47.1 9.9

(5.1

)

4.8
Value Funds (9) Opportunistic Credit 2003/2006   713.2 66.2 10.8

(9.6

)

12.2
Totals $ 6,382.0

(1)

 

Returns have not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful.

(2)

Apollo Centre Street Partnership, L.P. (“ACSP”) is a strategic investment account with $615.0 million of committed capital.

(3)

As part of the Stone Tower acquisition, Apollo acquired the manager of Apollo Credit Strategies Master Fund Ltd. (“ACSF”), Stone Tower Credit Solutions Master Fund Ltd. (“STCS”), and Apollo Credit Master Fund Ltd (“ACF”). As of December 31, 2012, the net returns from inception for ACF and STCS were (6.9)% and 28.8% respectively. These returns were primarily achieved during a period in which Apollo did not make the initial investment decisions. Apollo became the manager of these funds upon completing the acquisition on April 2, 2012.

(4)

The Apollo Senior Floating Rate Fund Inc. (“AFT”) completed its initial public offering during the first quarter of 2011. Refer to www.agmfunds.com for the most recent financial information on AFT. The information contained in AFT’s website is not part of this press release.

(5)

Refer to www.apolloresidentialmortgage.com for the most recent financial information on Apollo Residential Mortgage, Inc. (“AMTG”). The information contained in AMTG’s website is not part of this press release.

(6)

All amounts are as of September 30, 2012.

(7)

NAV and returns are for the primary mandate, which follows similar strategies as the Value Funds and excludes SOMA’s investments in other Apollo funds.

(8)

Net return for AINV represents NAV return including reinvested dividends. Refer to www.apolloic.com for the most recent public financial information on AINV. The information contained in AINV’s website is not part of this press release.

(9)

 

Value Funds consist of Apollo Strategic Value Master Fund, L.P., together with its feeder funds and Apollo Value Investment Master Fund, L.P., together with its feeder funds.

APOLLO GLOBAL MANAGEMENT, LLC

FUND PERFORMANCE (UNAUDITED)

Investment Record (continued)

Real Estate

The following table summarizes the investment record for certain funds and SIAs with a defined maturity date and internal rate of return since inception, which for the purposes of this table is computed based on the actual dates of capital contributions, distributions and ending limited partners’ capital as of the specified date. All amounts are as of December 31, 2012, unless otherwise noted:

                       
As of December 31, 2012 As of December 31, 2011 As of December 31, 2010
Vintage Year

Committed Capital

Current Net Asset Value

 

Total Invested Capital

Realized

Unrealized((1))

Total Value

Gross IRR   Net IRR Gross IRR   Net IRR Gross IRR   Net IRR
(in millions)
AGRE U.S. Real Estate Fund, L.P (3) 2012 785.2 $ 180.3 $ 202.7

$

$

202.1 $ 202.1

NM

(2)

NM

(2)

NM

(2)

NM

(2)

NM

(2)

NM

(2)

AGRE Debt Fund I, LP 2011 155.5 155.8 155.0 18.5 155.0 173.5

NM

(2)

NM

(2)

NM

(2)

NM

(2)

NM

(2)

NM

(2)

2011 A4 Fund, L.P. 2011 234.7 254.9 930.8

 

974.6 974.6

NM

(2)

 

NM

(2)

NM

(2)

NM

(2)

NM

(2)

NM

(2)

AGRE CMBS Fund, L.P. 2009 418.8 158.9 1,572.9

 

632.3 632.3

14.1

%

11.8

%

 

NM

(2)

NM

(2)

NM

(2)

NM

(2)

CPI Capital Partners North America (4) 2006 600.0 110.3 452.6 250.2 99.3 349.5

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

CPI Capital Partners Asia Pacific (4) 2006 1,291.6 479.8 1,126.7 1,082.9 463.5

1,546.4

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

CPI Capital Partners Europe (4)(5) 2006 1,533.0 557.4 994.8 151.8 543.4 695.2

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

NM

(4)

CPI Other Various   2,998.3   1,047.5

 

N/A

(6)

 

N/A

(6)

 

N/A

(6)

 

N/A

(6)

NM

(6)

NM

(6)

NM

(6)

NM

(6)

NM

(6)

NM

(6)

Totals $ 8,017.1 $ 2,944.9 $ 5,435.5 $ 1,503.4 $ 3,070.2 $ 4,573.6

(1)

 

Figures include estimated fair value of unrealized investments.

(2)

Returns have not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful.

(3)

AGRE U.S. Real Estate Fund, L.P., a newly formed closed-end private investment fund that intends to make real estate-related investments principally located in the United States, held closings in January 2011, June 2011 and April 2012 for a total of $263.2 million in base capital commitments and $450 million in additional capital commitments. Additionally, there was $72.0 million of co-invest commitments raised for an investment in the first quarter of 2012, which is included in the figures in the table above.

(4)

As part of the Citi Property Investors (“CPI”) acquisition, Apollo acquired general partner interests in fully invested funds. The net IRRs from the inception of the respective fund to December 31, 2012 were (9.6)%, 6.9% and (11.1)% for the CPI Capital Partners North America, Asia Pacific and Europe funds, respectively. These net IRRs were primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds upon completing the acquisition on November 12, 2010.

(5)

CPI Capital Partners Europe is denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.32 as of December 31, 2012.

(6)

CPI Other consists of funds or individual investments of which we are not the general partner or manager and only receive fees pursuant to either a sub-advisory agreement or an investment management and administrative agreement. CPI Other fund performance is a result of invested capital prior to Apollo’s management of these funds. Return and certain other performance data are therefore not considered meaningful as we perform primarily an administrative role.

The following table summarizes the investment record for Apollo Commercial Real Estate Finance, Inc. (“ARI”):

     

Vintage Year

 

Raised Capital

 

Gross Assets

 

Current Net Asset Value

(in millions)

ARI (1)

2009 $ 440.4 $ 684.2 $ 427.4
 

(1)

 

Refer to www.apolloresidentialmortgage.com for the most recent financial information on ARI. Results are presented as of September 30, 2012. The information contained in ARI’s website is not part of this press release.

Athene and SIAs

As of December 31, 2012, Apollo had approximately $15.8 billion of total AUM related to Athene which included $5.2 billion of total AUM managed directly by Apollo across its private equity, credit and real estate funds.

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