Apollo Alternative Assets Value Fell $142.8 Million in Q1

(Reuters) – Apollo Alternative Assets, which invests in private equity firm Apollo Management’s [APOLO.UL] funds, said the value of its investments fell by $142.8 million in the first quarter.

The net asset value of AP Alternative Assets slid to $708.0 million, or $7.30 a unit, on March 31, the company said.

Apollo has investments in companies including gaming firm Harrah’s Entertainment Inc, Claire’s Stores and real estate Realogy.

The economic crisis has caused problems for a number of its portfolio companies, such as Linens ‘n Things, which filed for bankruptcy protection, and casino company Harrah’s, which has been struggling with its debt load.

“Although certain segments of the financial markets have recently shown some signs of improvement, we do not currently know the full extent to which the ongoing disruption of the financial markets will affect us or the markets in which we operate,” the firm said in a statement.

“If the disruption continues, we and the funds we invest in may experience further tightening of liquidity and reduced earnings and cash flows.” (Reporting by Elinor Comlay; Editing by Gary Hill)