Apollo Posts Profit as Investments Outpace Broader Market

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Apollo Posts Profit as Investments Outpace Broader Market
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Apollo’s private-equity portfolio appreciated by 22% during the first quarter, beating out rivals and easily topping the S&P 500

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Apollo Global Management Inc. reported a first-quarter profit Tuesday as the value of its investments soared.

The New York firm posted net income of $678.9 million, or $2.81 a share. That compares with a loss of $996.2 million, or $4.47 a share, a year earlier when theApollo’s private-equity portfolio appreciated by 22% during the quarter,and easily topping the S&P 500, which climbed 5.8% during the period. The gains were broad-based and came as the firm’s value-oriented investment strategy began to pay off.

In the latest example of that strategy, which often involves polishing up underperforming assets and accelerating their growth, the firmApollo also posted record fee-related earnings of $286.7 million in the first quarter, up 26% from a year earlier.

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