Marc Spilker, president of Apollo Global Management, on Tuesday singled out Europe and the natural resources sector as offering the biggest opportunities, after a sharp rise in earnings at the private equity firm.

Spilker said on a call this morning that Apollo had completed the acquisition of credit Stone Tower Capital in April, taking the firm's total assets under management to more than $100bn for the first time in its 22-year history. In addition, capital markets has become Apollo's largest business segment with total assets under management of $55bn.