Apollo Global Management, the private-equity firm run by Leon Black, said fourth-quarter profit more than doubled as the firm’s funds reaped gains after exiting investments.

Economic net income after taxes, a measure of earnings excluding some compensation costs tied to Apollo’s 2011 initial public offering, rose to $655.8 million, or $1.69 a share, from $302 million, or 80 cents, a year earlier, New York-based Apollo said today in a statement. Profit beat the 93 cents-a-share average of 10 analyst estimates in a Bloomberg survey, sending shares up by the most since May.