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Apollo Earnings Up in Q1

Buyout shop Apollo Global Management saw its first quarter earnings jump fivefold from a year earlier, Reuters reported, citing the company’s first quarterly report since its March IPO. The firm’s Q1 economic net income was $390 million, up from $77 million a year earlier. The firm said net proceeds of its IPO were $384 million.

(Reuters) – Private equity firm Apollo Global Management LLC’s (APO.N) first quarter earnings rose fivefold from a year earlier as the value of its investments increased, in its first quarterly report since its March IPO.

First-quarter economic net income — a measure private equity firms use to report — was $390 million, up from $77 million a year earlier.

Apollo, which followed private equity firms Blackstone Group (BX.N) and Kohlberg Kravis Roberts and Co (KKR.N) in going public, said net proceeds of its IPO were $384 million.

Total assets under management were $70 billion as of the end of March, up from $56 billion the same time a year earlier.

Shares are slightly lower than the $19 IPO price, closing on Wednesday down 23 cents at $18.48. (Reporting by Megan Davies; Editing by Derek Caney)