Apollo: Credit Division’s Fee-Related Earnings Rise
Apollo Global Management’s (APO) credit division saw a rise in total revenue to $257.6 million in 2Q17 from $198.1 million in 1Q17. This increase was mainly due to management fees and carried interest income. The division’s fee-related earnings rose to $85 million from $72.2 million in 1Q17.
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The credit division’s portfolio saw gross appreciation of 2.1% in 2Q17. Despite energy market volatility, the division’s performance was not impacted. The division’s draw-down funds witnessed gross returns of 3.6% in 2Q17. The division had realizations of $779 million and deployments of $1.2 billion.
Apollo’s credit division had AUM (assets under management) of $151 billion as of June 30, 2017. Alternative asset manager (XLF) peers’ credit division AUM were as follows: