Apollo Swings to a Loss Even as Its PE Portfolio Outperforms S&P 500

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Apollo Global Management swung to a loss in the March quarter, but its private-equity portfolio outperformed the market.

The New York firm, which this year bought the rest of Athene it didn’t already own, reported a first-quarter loss of $870 million, or $1.50 a share, compared with a profit of $679 million, or $2.81 a share, a year earlier. The loss, Apollo said, was largely due to unrealized losses on reinsurance assets in its retirement-services business as a result of rising interest rates.

Apollo’s…