(Repeats with no changes to text)
* Q3 post-tax ENI per share 98 cents vs Street view 73 cents
* Private equity portfolio appreciated by 8 percent in the
* Q3 distribution of 40 cents per Class A share
By Greg Roumeliotis
NEW YORK, Nov 9 Apollo Global Management LLC
, the alternative asset manager headed by billionaire
Leon Black, reported better-than-expected third-quarter earnings
as the value of its assets soared and it sold stakes in some
This year's stock market rally has buoyed the valuation of
assets held by firms such as Apollo, which buys and sells
companies through its funds. Apollo also has a corporate credit
investment arm which has overtaken its private equity unit in
assets under management.
"Our total assets under management reached $110 billion at
the end of the third quarter, reinforcing our leadership
position as a multi-product, solutions-driven provider of
alternative investment strategies," Black, who co-founded Apollo
in 1990, said in a statement on Friday.
Credit accounted for $60.1 billion of Apollo's assets, up
168 percent from a year ago, thanks to a large extent to the
acquisition of alternative credit manager Stone Tower Capital
LLC in April 2012.
The New York-based investment group beat analysts'
expectations as its buyout portfolio appreciated by 8 percent
during the quarter.
By comparison, the private equity portfolio of Blackstone
Group LP rose 7.1 percent, KKR & Co LP saw a 6.1
percent rise, while Carlyle Group LP reported a 5 percent
Apollo said total economic net income (ENI) - a measure of
profitability that takes into account the market value of its
assets - was $434 million for the third quarter, compared with a
$1.16 billion loss for the same period in 2011.
This translated into ENI of 98 cents per share after taxes.
The consensus view was for 73 cents, according to a poll of
analysts by Thomson Reuters I/B/E/S.
Total realized gains from carried interest income --
Apollo's slice of its funds' profits -- were $240 million, a 275
percent increase from a year ago. Sales of stakes in chemical
producer LyondellBasell Industries NV and cable operator
Charter Communications Inc were major contributors,
Apollo's management fee revenue jumped 30 percent
year-on-year on the accumulation of fee-paying credit assets,
including through the acquisition of Stone Tower and Gulf Stream
Asset Management LLC, a manager of collateralized loan
obligations Apollo acquired in October 2011.
Apollo, which does not give forecasts or predictions of
future results, declared a third-quarter distribution of 40
cents per Class A share.
(Reporting by Greg Roumeliotis in New York; Editing by Jeffrey
Benkoe and Nick Zieminski)