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AP ALTERNAT ASSETS (AMS:AAA) AP Alternative Assets Releases Financial Results for the Fourth Quarter and Year Ended December 31, 2016

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-- Net Asset Value of $40.58 per unit as of December 31, 2016--

Regulatory News:

AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for the fourth quarter and year ended December 31, 2016. 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 December 31, 2016 was $3,097.6 million, or $40.58 per unit, reflecting a net increase in net assets of approximately $67.1 million, or $0.88 per common unit during the three months ended December 31, 2016.
  • On November 8, 2016, AAA announced a distribution of 10,766,297 shares of Athene to its unitholders, conditional on pricing the initial public offering of Athene Shares. On December 8, 2016, Athene announced its IPO at a price to the public of $40 per share. In total 10,766,297 Athene Shares were distributed to AAA unitholders, or 0.14105129 Athene Shares per AAA unit. In addition, AAA Investments, L.P. distributed 777,726 shares to AAA Associates, L.P. in satisfaction of the Investment Partnership’s carried interest and other obligations associated with the AAA unitholders distribution.
  • The decrease in the net asset value of AAA associated with the distribution was more than offset by an increase in the fair value of the investment in Athene.

Net Asset Value for AAA

At December 31, 2016, AAA had net assets of $3,097.6 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 December 31, 2016
Gross Asset Value:  
Cash $ 2.2
Investment in Athene 3,318.3
Other(1) (222.9)
Net Asset Value $ 3,097.6
Net Asset Value per Unit $ 40.58
Net Common Units Outstanding 76,328,950

____________________________

(1) Includes Other Assets and Liabilities and General Partner Interest. General Partner interest is primarily comprised of unrealized carry receivable of $229.8 million at December 31, 2016.

Annual Report

AAA today published its Annual Report for 2016 which can be downloaded free of charge from its website at www.apolloalternativeassets.com.

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 26 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
(in thousands)

 
  For the Year Ended December 31,
2016   2015
 
 
NET INVESTMENT LOSS (ALLOCATED
FROM AAA INVESTMENTS, L.P.)
Investment expenses $ (5,089 ) $ (4,863 )
 
EXPENSES
General and administrative expenses (2,592 ) (1,715 )
 
NET INVESTMENT LOSS (7,681 ) (6,578 )
 

REALIZED AND UNREALIZED GAINS
FROM INVESTMENTS (ALLOCATED FROM AAA
INVESTMENTS, L.P.)

Net realized gains from sales/dispositions on
investments
279,176 666
Net increase in unrealized appreciation
of investment
476,994   642,105  
 
NET GAIN FROM INVESTMENTS 756,170   642,771  
 
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$ 748,489   $ 636,193  
                 

Financial Schedule II

         

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

 
 

As of December 31,
2016

 

As of December 31,
2015

ASSETS
Investment in AAA Investments, L.P. (cost of $1,311,928 and $1,494,358 at December 31, 2016 and 2015, respectively) $ 3,100,641 $ 2,780,212
Other assets 202   221  
TOTAL ASSETS 3,100,843   2,780,433  
 
LIABILITIES
Accounts payable and accrued liabilities 439 399
Due to affiliates 2,828   295  
TOTAL LIABILITIES 3,267   694  
 
NET ASSETS $ 3,097,576   $ 2,779,739  
 
NET ASSETS CONSIST OF:
Partners’ capital contribution (76,328,950 net common units outstanding at December 31, 2016 and 2015) $ 1,621,541 $ 1,621,541
Partners’ capital distributions (542,961 ) (112,309 )
Accumulated increase in net assets resulting from operations 2,018,996   1,270,507  
 
NET ASSETS $ 3,097,576   $ 2,779,739  
 
Net asset value per common unit $ 40.58   $ 36.42  
 
Market price per common unit $ 39.40   $ 31.56  
                 

Financial Schedule III

 

AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands)

 
  For the Year Ended December 31,
2016   2015
EXPENSES:
Management fees $ (3,369 ) $ (3,369 )
General and administrative expenses (1,721 ) (1,495 )
 
NET INVESTMENT LOSS (5,090 ) (4,864 )
 
REALIZED AND UNREALIZED GAINS
FROM INVESTMENTS:
Net realized gains from
sales/dispositions on investments
279,316 667
Net increase in unrealized
appreciation on investments
552,549   706,463  
NET GAIN FROM INVESTMENTS 831,865   707,130  
 
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$ 826,775   $ 702,266  
                 

Financial Schedule IV

 

AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(in thousands)

 
  As of December 31, 2016   As of December 31, 2015
ASSETS
Investments:

Investment in Opportunistic Investment at fair value (1)

(cost of $1,178,689 and $1,361,120 at December 31, 2016 and 2015, respectively)

$ 3,318,347   $ 2,948,243
 
Cash and cash equivalents 2,174 2,592
Other assets 13,677 17,065
Due from affiliates 2,828   295
TOTAL ASSETS 3,337,026   2,968,195
 
LIABILITIES
Accounts payable and accrued liabilities 374 474
Due to affiliates 295 378
Loan payable due to affiliates 4,000  
TOTAL LIABILITIES 4,669   852
 
NET ASSETS $ 3,332,357   $ 2,967,343
 
NET ASSETS CONSIST OF:
Partners' capital $ 1,006,763 $ 1,468,524
Accumulated increase in net assets resulting from operations 2,325,594   1,498,819
 
NET ASSETS $ 3,332,357   $ 2,967,343
 

(1) Investment in Opportunistic Investment at fair value represents 74.6 million and 86.1 million shares of Athene Holding at $44.49 and $34.23 per Athene share at December 31, 2016 and December 31, 2015, respectively

 

AP Alternative Assets, L.P.
Gary M. Stein (New York), +1-212-822-0467