Apollo moves towards NYSE, revenues rise
* Revenues jump to $213.7 mln for quarter
* Fund VI IRR declines from 2008 numbers
* Filing part of long-pursued plan to list on NYSE
By Megan Davies
NEW YORK, Nov 23 (Reuters) - Private equity firm Apollo Global Management [APOLO.UL] said in a regulatory filing on Monday that revenues jumped higher over the third quarter, as it moves closer to following rivals onto the New York Stock Exchange.
The firm, however, showed it took a hit since the financial crisis on one of its largest funds, the $10.5 billion Fund VI. Apollo started investing in the fund, which has investments in companies such as gaming firm Harrah's Entertainment and real estate broker Realogy, in July 2006.
The fund had a net internal rate of return (IRR) of 21 percent as of March 31 2008, but IRR of zero at the end of September 2009, according to the filing. The fund has returned more than $2.4 billion to investors, the filing said.
IRR is a measure of the value of a private equity fund's realised investments plus the current carrying value of its unrealized investments.
The data is part of an updated filing Apollo made regarding its planned move to the NYSE. Apollo filed with the U.S. Securities and Exchange Commission in April 2008 -- before the market slid -- to register securities already traded on a private exchange and said it planned to list them on the NYSE. Continued...



