Apollo World Administration noticed its earnings hit a 10-year excessive in 2023, because the agency continued to develop its non-public credit score enterprise.
The asset supervisor reported a 31 per cent year-on-year improve in adjusted web revenue, reaching $1.18bn (£0.94bn), or $1.91 a share. Analysts had predicted earnings of round $1.72 per share.
Belongings underneath administration grew to $651bn, up from $548bn in 2022.
Learn extra: Apollo targets $2bn for credit score secondaries fund
The agency additionally confirmed that it had originated $30bn in non-public credit score property through the fourth quarter of 2023, with round half of this coming by way of origination platforms comparable to Atlas.
“Amid a unstable market backdrop in 2023, Apollo was firing on all cylinders,” mentioned Marc Rowan, chief govt officer at Apollo.
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“We generated distinctive outcomes highlighted by charge and spread-related earnings development exceeding 25 per cent and almost $160bn of inflows.
“Coming into 2024, we’re using self-discipline at each flip as we proceed to supply our shoppers with extra return per unit of threat.”
Apollo’s year-end monetary report famous that the asset supervisor has benefited from greater rates of interest and investor demand for personal credit score. Greater than 80 per cent of the agency’s property underneath administration are invested inside its credit score and hybrid items.
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