(Bloomberg) — Apollo Global Management Inc.’s effort to target wealthy individuals helped the firm’s assets under management rise 16% to $733 billion from the same period a year ago.

The firm reported adjusted net income of $1.13 billion on a per-share basis of $1.85 in a statement announcing its third-quarter earnings on Tuesday. This beat analysts’ estimates of $1.73 per share.

Apollo shares rose 3.7% to $144.65 at 7:47 a.m. in New York.

“We are building a next-generation financial services business that is uniquely positioned to capitalize on massive market opportunities,” Chief Executive Officer Marc Rowan said in a statement.

Apollo took in $72 billion and $79 billion for its asset management and retirement services divisions, respectively, during the quarter.

Wealth management fees rose 10% from the previous year, while fee-related performance fees rose more than 40% during the same period, fueled by funds raised from wealthy clients.

Apollo, like its peers, continues to target high-income earners for higher fee-paying assets and has set a goal of raising at least $150 billion for its global wealth business by 2029.

In the company’s statement, it was stated that the total capital Apollo has collected from wealthy individuals so far this year exceeds the total for 2023. Earlier this year, Apollo co-chairman Scott Kleinman said the company was selling about $1 billion a month through semi-liquid products to wealthy individual investors.

The alternative asset manager said it generated record revenue of $62 billion in its prime credit, senior capital solutions and equity origination businesses during the quarter. As the firm expands from its private equity roots, it serves insurance units that want to invest in less risky assets, while making fundraising, especially in investment-grade assets, a fundamental principle of its growth strategy.

Returns from Apollo’s direct resources unit were the highest firmwide at 3.4% in the quarter, while its flagship private equity investments recorded returns of just 0.3%.

But Apollo said the exit environment has improved. The firm announced $331 million in performance fees in the third quarter, the highest level since 2021, and attributed it to “making some big money.”

(Update with shares in third paragraph.)

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