Guernsey, Channel Islands, Jan. 31, 2019 (GLOBE NEWSWIRE) -- -- Net Asset Value of $0.29 per unit as of December 31, 2018--

AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for the year ended December 31, 2018. 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, 2018 was $22.1 million, or $0.29 per unit,  reflecting a net decrease in net assets of approximately $7.9 million, or $(0.11) per common unit during the three months ended December 31, 2018.  The decrease in net asset value for AAA was due to a decrease in the fair value of the investment in Athene.

Net Asset Value for AAA

At December 31, 2018, AAA had net assets of $22.1 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, 2018
Gross Asset Value:  
Cash $ 0.2 
Investment in Athene 24.1 
  Other (2.2 )
Net Asset Value (1) $ 22.1 
Net Asset Value per Unit (1) $ 0.29 
Net Common Units Outstanding 76,328,950  

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(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 $6.7 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 today published its Annual Report for 2018 which can be downloaded free of charge from 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/Report...ments.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 (in thousands)
  For the Year Ended December 31,
  2018   2017
       
       
NET INVESTMENT LOSS (ALLOCATED   FROM AAA INVESTMENTS, L.P.)      
Investment expenses $ (4,251 )   $ (4,121 )
       
EXPENSES      
General and administrative expenses (1,470 )   (1,478 )
       
NET INVESTMENT LOSS (5,721 )   (5,599 )
       
REALIZED AND UNREALIZED GAINS   FROM INVESTMENTS (ALLOCATED FROM AAA   INVESTMENTS, L.P.)      
Net realized gains from sales/dispositions on   investments 841,399     1,674,368  
Net decrease in unrealized appreciation   of investment (902,898 )   (1,252,302 )
       
NET (LOSS) GAIN FROM INVESTMENTS (61,499 )   422,066  
       
NET (DECREASE) INCREASE IN NET ASSETS   RESULTING FROM OPERATIONS $ (67,220 )   $ 416,467  
       
       
       

Financial Schedule II

AP ALTERNATIVE ASSETS, L.P. STATEMENT OF ASSETS AND LIABILITIES  (in thousands, except per unit amounts)
    As of December 31,  2018     As of December 31,  2017
ASSETS      
Investment in AAA Investments, L.P. $ 26,650     $ 1,183,105  
Other assets 169     192  
TOTAL ASSETS   26,819     1,183,297  
       
LIABILITIES      
Accounts payable and accrued liabilities   571     353  
Due to affiliates 4,131     2,902  
TOTAL LIABILITIES 4,702     3,255  
       
NET ASSETS $ 22,117     $ 1,180,042  
       
NET ASSETS CONSIST OF:      
Partners’ capital contribution (76,328,950 common units outstanding at September 30, 2018 and December 31, 2017) $ 1,621,541     $ 1,621,541  
Partners’ capital distributions (3,967,667 )   (2,876,962 )
Accumulated increase in net assets resulting from operations   2,368,243     2,435,463  
       
NET ASSETS $ 22,117     $ 1,180,042  
       
Net asset value per common unit $ 0.29     $ 15.46  
       
Market price per common unit $ 0.14     $ 15.55  
       
       
       

Financial Schedule III

AAA INVESTMENTS, L.P. CONSOLIDATED STATEMENT OF OPERATIONS (in thousands)
    For the Year Ended December 31,
    2018   2017
EXPENSES:        
  Management fees   $ (3,369 )   $ (3,369 )
  General and administrative expenses   (884 )   (753 )
         
NET INVESTMENT LOSS   (4,253 )   (4,122 )
         
REALIZED AND UNREALIZED (LOSS) GAIN   FROM INVESTMENTS:        
  Net realized gains from   sales/dispositions on investments   841,858     1,675,282  
  Net decrease in unrealized   appreciation on investments   (910,512 )   (1,214,595 )
NET (LOSS) GAIN FROM INVESTMENTS   (68,654 )   460,687  
         
NET (DECREASE) INCREASE IN NET ASSETS   RESULTING FROM OPERATIONS   $ (72,907 )   $ 456,565  
         
         
     

Financial Schedule IV

AAA INVESTMENTS, L.P. CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES  (in thousands)
  As of December 31, 2018   As of December 31, 2017
ASSETS      
Investments:      
Investment in Opportunistic Investment at fair value (cost of $9,570 and $428,894 at September 30, 2018 and December 31, 2017, respectively) $ 24,120     $ 1,353,955  
Cash and cash equivalents 174     150  
Other assets 6,909     10,299  
Due from affiliates 4,131     2,902  
TOTAL ASSETS 35,334     1,367,306  
       
LIABILITIES      
Accounts payable and accrued liabilities 224     336  
Due to affiliates 135     107  
Line of Credit due to affiliates 6,700     4,500  
TOTAL LIABILITIES 7,059     4,943  
       
NET ASSETS $ 28,275     $ 1,362,363  
       
NET ASSETS CONSIST OF:      
Partners' capital $ (2,680,977 )   $ (1,419,796 )
Accumulated increase in net assets resulting from operations 2,709,252     2,782,159  
       
NET ASSETS $ 28,275     $ 1,362,363  
       
     
       

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