Apollo's third-quarter profit rises 12%, beating estimates
Adds share activity in paragraph 3, background on CEO's plans in second-last paragraph
Shares up 8.1% in early trading, market value at $85.7 billion
Record fee-related earnings of $531 million, $62 billion in origination volume
CEO Marc Rowan aims to double firm's size in five years
By Echo Wang
NEW YORK, Nov 5 (Reuters) -Apollo Global Management APO.N beat Wall Street estimates on Tuesday with a 12% rise in third-quarter profit as it gathered more assets and originated record amounts of debt and other capital.
The alternative asset manager posted adjusted net income of $1.13 billion, or $1.85 per share, for the quarter ended Sept. 30. Analysts on average had expected the investment firm to post $1.72 apiece, according to LSEG data.
Apollo's shares were up 8.1% at $150.71 in early trading, giving it a market value of about $85.7 billion. The shares are up 61.8% year to date.
Apollo reported a record quarter for fee-related earnings of $531 million for asset management and arranging financing for deals.
It also recorded $62 billion in origination volume, with the bulk in debt, complemented by credit and equity investments, marking an all-time high.
In October, the company agreed to provide a 1-billion-euro ($1.09 billion) capital solution to Germany's largest real estate group Vonovia VNAn.DE.
The firm also raised new money, including from individual investors who have been eager to get a piece of the private credit market.
The New York-based investor in private equity and corporate credit reported $856 million in income from its retirement business, a slight decrease from the same quarter last year but its second-highest quarterly total for this category.
The firm benefited from demand for its products such as private credit as the U.S. Federal Reserve started easing policy rates, though they remain restrictive to economic growth.
Apollo's total assets under management increased to $733 billion, marking a 16% year-over-year increase, with growth split between asset management and retirement services. This was partially offset by $60 billion in outflows and $27 billion in assets being divested.
It also reported an unspent capital reserve of $64 billion and deployed $76 billion in investments. The company announced a dividend of 46.25 cents per share.
Chief Executive Marc Rowan said on a quarterly call that Apollo is aiming to more than double in size over the next five years, a plan unveiled last month at the firm's investor day. The growth would be driven by opportunities such as rising demand for financing solutions to rebuild infrastructure, support the transition to lower-emission energy sources and advance next-generation data.
Last month, Apollo agreed to acquire aerospace components manufacturer Barnes Group B.N in an all-cash deal valuing Barnes at approximately $3.6 billion.
($1 = 0.9180 euros)
Reporting by Echo Wang in New York; Editing by Sherry Jacob-Phillips and Rod Nickel
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