Guernsey, Channel Islands, May 01, 2019 (GLOBE NEWSWIRE) -- Net Asset Value of $0.28 per unit as of March 31, 2019

AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for three months ended March 31, 2019. AAA invests its capital through, and is the sole limited partner of, AAA Investments, L.P., which is referred to as the “Investment Partnership.”

Highlights

  • Net asset value at March 31, 2019 was $21.2 million, or $0.28 per unit, reflecting a net decrease in net assets of approximately $(0.9) million, or $(0.01) per common unit during the three months ended March 31, 2019.  The decrease in net asset value for AAA was due to a decrease in net assets from operations.

Net Asset Value for AAA

At March 31, 2019, AAA had net assets of $21.2 million, including its share of the net assets of the Investment Partnership, as follows:

(in $ millions, except per unit amounts)Net Asset Value as of March 31, 2019
Gross Asset Value: 
Cash$0.05
Investment in Athene24.7
  Other(3.6)
Net Asset Value(1)$21.2
Net Asset Value per Unit(1)$0.28
Net Common Units Outstanding76,328,950

____________________________

(1) The remaining Athene shares beneficially held by AAA are freely tradeable and are being held to satisfy various legal, administrative, carried interest obligations and other expenses that may be incurred by or on behalf of AAA.  The net asset value does not include the accrual of these future expenses that may be incurred by AAA as they cannot be reasonably estimated at this time. If it is determined that any such Athene shares are no longer required for such expenses, the remaining Athene shares or cash equivalents will be distributed to AAA unitholders unless the number of such Athene shares or cash equivalents is de minimis, in which case they will be given to charity. The net asset value also includes $5.9 million of prepaid management fees that will continue to be amortized over the life of the service period through December 31, 2020. If a decision is made to wind up AAA prior to the end of the service period, AAA will accelerate the amortization of the prepaid management fee.

Financial Report

AAA's interim report, which includes its unaudited financial statements and the unaudited consolidated financial statements of the Investment Partnership is available and can be downloaded free of charge at its website at:  www.apolloalternativeassets.com.

Contact

Gary M. Stein (New York)                                                +1 (212) 822 0467

Additional Information

A presentation will be available on the company’s website at http://www.apolloalternativeassets.com/ReportsAndFilings/AdditionalDocuments.aspx in connection with this press release.

About AAA

AAA was established by Apollo Global Management, LLC and its subsidiaries (“Apollo”) and is a closed-end limited partnership established under the laws of Guernsey. Apollo is a leading global alternative investment manager with 28 years of experience investing across the capital structure of leveraged companies. AAA is managed by Apollo Alternative Assets, L.P. For more information about AAA, please visit www.apolloalternativeassets.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties because they relate to future events and circumstances. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results and developments to differ materially from the historical experience and expressed or implied expectations of AAA. Undue reliance should not be placed on such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and AAA does not undertake to update its forward-looking statements unless required by law.


Financial Schedules Follow


Financial Schedule I

AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF OPERATIONS (unaudited)
(in thousands)
 For the Three Months Ended
March 31,
 2019 2018
    
    
NET INVESTMENT LOSS (ALLOCATED
  FROM AAA INVESTMENTS, L.P.)
   
Investment expenses$(1,150)
 $(1,116)
    
EXPENSES   
General and administrative expenses(319)
 (352)
    
NET INVESTMENT LOSS(1,469)
 (1,468)
    
REALIZED AND UNREALIZED GAINS
  FROM INVESTMENTS (ALLOCATED FROM AAA
  INVESTMENTS, L.P.)
   
Net realized gains from sales/dispositions on
  investments
  841,399
Net increase (decrease) in unrealized appreciation
  of investment
534 (898,506)
    
NET GAIN (LOSS) FROM INVESTMENTS534 (57,107)
    
NET DECREASE IN NET ASSETS
  RESULTING FROM OPERATIONS
$(935) $(58,575)
    
    
    

Financial Schedule II

AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF ASSETS AND LIABILITIES 
(in thousands, except per unit amounts)
  

As of March 31,
 2019 (unaudited)
  

As of December 31,
 2018
ASSETS   
Investment in AAA Investments, L.P.$26,034 $26,650
Other assets68 169
TOTAL ASSETS26,102 26,819
    
LIABILITIES   
Accounts payable and accrued liabilities444 571
Due to affiliates4,476 4,131
TOTAL LIABILITIES4,920 4,702
    
NET ASSETS$21,182 $22,117
    
NET ASSETS CONSIST OF:   
Partners’ capital contribution (76,328,950 common units outstanding at March 31, 2019 and December 31, 2018)$1,621,541 $1,621,541
Partners’ capital distributions(3,967,667)
 (3,967,667)
Accumulated increase in net assets resulting from operations2,367,308 2,368,243
    
NET ASSETS$21,182 $22,117
    
Net asset value per common unit$0.28 $0.29
    
Market price per common unit$0.11 $0.14
    
    
    

Financial Schedule III

AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
(in thousands)
  For the Three Months Ended March 31,
  2019 2018
EXPENSES:    
  Management fees $(842)
 $(842)
  General and administrative expenses (311)
 (274)
     
NET INVESTMENT LOSS (1,153)
 (1,116)
     
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS:    
  Net realized gains from
  sales/dispositions on investments
  841,858
  Net increase (decrease) in unrealized
  appreciation on investments
 587 (905,680)
NET GAIN (LOSS) FROM IVESTMENTS 587 (63,822)
     
NET DECREASE IN NET ASSETS
  RESULTING FROM OPERATIONS
 $(566) $(64,938)
     
     
   

Financial Schedule IV

AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 
(in thousands)
 As of March 31, 2019 (unaudited) As of December 31,
2018
ASSETS   
Investments:   
Investment in Opportunistic Investment at fair value (cost of $9,570 at March 31, 2019 and December 31, 2018, respectively)$24,707 $24,120
Cash and cash equivalents47 174
Other assets5,967 6,909
Due from affiliates4,476 4,131
TOTAL ASSETS35,197 35,334
    
LIABILITIES   
Accounts payable and accrued liabilities338 224
Due to affiliates- 135
Line of Credit due to affiliates7,150 6,700
TOTAL LIABILITIES7,488 7,059
    
NET ASSETS$27,709 $28,275
    
NET ASSETS CONSIST OF:   
Partners' capital$(2,680,977)
 $(2,680,977)
Accumulated increase in net assets resulting from operations2,708,686 2,709,252
    
NET ASSETS$27,709  $28,275
    
   
    


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