Apollo’s Credit segment
Apollo Global Management’s (APO) Credit segment reported economic income amounting to $47.7 million in 1Q18 on the back of performance fees and fee-related earnings.
The Credit segment generated revenue amounting to $233.5 million in 1Q18 compared to $304.1 million in 4Q17.
The segment witnessed a decline in management fees from $186.1 million in 4Q17 to $183 million in 1Q18. Management fees are affected by the segment’s total AUM (assets under management). The segment witnessed a substantial fall in performance fees from $90.5 million in 4Q17 to $42.7 million in 1Q18.
Credit segment’s total AUM
Apollo Global’s Credit segment’s total AUM amounted to $165 billion in 1Q18, while its fee-earnings AUM stood at $129 billion. The segment saw inflows amounting to $3.3 billion in 1Q18, while over the last 12 months, its inflows were $27.2 billion. However, Apollo’s competitor (XLF) KKR & Company’s (KKR) Public Markets segment’s total AUM stood at $74.1 billion in 1Q18.
Apollo’s Credit segment saw realizations amounting to $2.1 billion in 1Q18 and $5.8 billion over the last 12 months. In comparison, the Global Credit segment of Carlyle Group (CG) reported realizations of $0.2 billion, and Blackstone Group’s (BX) Credit segment’s realizations were $2.5 billion in 1Q18.
Apollo’s Credit segment deployed $909 million in 1Q18, while in the last 12 months, the segment deployed $6.2 billion.