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Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the second quarter ended June 30, 2013.
Apollo reported ENI after taxes of $197.8 million for the second quarter ended June 30, 2013, compared to $18.7 million for the same period in 2012. The $179.1 million increase in ENI was driven by favorable performance in Apollo's Management and Incentive Businesses, which reported ENI of $89.1 million and $152.2 million for the second quarter ended June 30, 2013, respectively, compared to $70.4 million and $(28.4) million, respectively, for the same period in 2012. The $180.6 million quarter over quarter increase in ENI for the Incentive Business was largely the result of higher carried interest income from Apollo's private equity and credit segments during the second quarter of 2013 compared to the same period in 2012.
Apollo's total AUM was $113.1 billion as of June 30, 2013, an increase of $8.2 billion, or 8%, compared to $104.9 billion as of June 30, 2012. The $8.2 billion quarter over quarter increase in total AUM was primarily driven by a change in fair value of investments of $13.5 billion and new capital raised of $11.2 billion, offset in part by distributions of $17.9 billion. Fee-generating AUM was $79.3 billion as of June 30, 2013, an increase of $1.8 billion, or 2%, compared to $77.5 billion as of June 30, 2012.
U.S. GAAP results for the second quarter ended June 30, 2013 included net income attributable to Apollo of $58.7 million, or $0.32 per Class A share, compared to a net loss of $41.4 million, or $0.38 per Class A share, for the second quarter ended June 30, 2012.
“Our results for the second quarter of 2013 reflect the continued strength of Apollo's integrated global platform and value-oriented investment approach,” said Leon Black, Chairman and Chief Executive Officer. “During the quarter we raised nearly $7 billion of new capital across all of our business segments, and we generated more than $7 billion of realizations for our investors.”