WSJ: Apollo Fund Values Recover in Q3

NEW YORK, Oct 22 (Reuters) – Private-equity firm Apollo Global Management posted sharply improved investment performance across all of its funds Thursday, the Wall Street Journal reported citing a letter sent to investors.

“We were incredibly active during this downturn with respect to new and existing investments, and I am sure that is exactly what you expected of us,” wrote Apollo founder Leon Black in a nine-page letter, the paper said.

The firm’s flagship $10 billion fund, raised in 2006, and a $15 billion fund, raised in 2008, were valued at their March lows at 61 percent and 55 percent of cost, respectively, the paper said. Apollo valued those funds at more than 100 percent of cost and 120 percent of cost, respectively, at the end of September, the paper said.

One of Apollo’s funds, AP Alternative Assets, which is listed on Euronext, said on Thursday that its estimated net asset at the end of September was $1.25 billion, compared to $970 million at the end of the second quarter and $850 million at the end of 2008. (Reporting by Megan Davies; Editing by Lincoln Feast)