Apollo Global Management swung to a third-quarter profit that exceeded Wall Street forecasts as the asset management company's revenue was boosted by gains in both its private equity and credit segments.

Apollo, founded by Leon Black as a private equity focussed company, said its private equity portfolio was up 8% in value during the quarter, matching Blackstone's 8% gain and surpassing the 6.1% increase for KKR and 5% rise for Carlyle.