Carlyle reported post-tax ENI of $274.8 million, a 139% YoY increase, which translates to about 81 cents per share. That’s nearly double the pre-release estimate of Thomson Reuters analysts. Apollo, meanwhile, logged ENI of $183.5 million, or about 46 cents per share, on par with analyst expectations. That figure marks a decline of about 54% compared to Apollo’s 2Q 2016.
Other highlights from Carlyle’s 2Q include $8.4 billion in gross capital raised across all asset classes, $6 billion in realized proceeds and $3.4 billion in invested capital. The firm’s buyout portfolio appreciated by 9% during 2Q, helping contribute to $1.6 billion in net accrued performance fees, and Carlyle’s corporate private equity division now has $54.3 billion in AUM.
Apollo’s private equity business logged record inflows of $23.8 billion during 2Q, driven by the firm’s ninth flagship buyout fund, which had $24.3 billion in committed capital as of the end of 2Q, per the firm’s earnings report. The PE unit realized $1.4 billion and deployed a further $723 million, with the firm’s private equity funds appreciating by 1.9% during the three-month span.
Separately, Apollo has agreed to sell CH2M Hill to Jacobs Engineering in a cash-and-stock transaction with an enterprise value of about $3.27 billion. With the sale, Apollo will exit an investment from 2015, when the firm acquired a minority stake in the provider of engineering services for $300 million at a reported valuation of around $2 billion.
In at least one way, that minority deal with CH2M was an uncharacteristic one for Apollo. Dating back to the start of 2011, less than 4% of the firm’s completed private equity deals have been of the growth variety, according to the PitchBook Platform.