Apollo Global Management, the private-equity firm run by Leon Black, said second-quarter profit increased more than 10-fold as the value of its fund holdings climbed and it sold investments profitably.

Economic net income after taxes, tied to Apollo’s 2011 initial public offering, rose to $197.8 million, or 50 cents a share, from $18.7 million, or 5 cents, a year earlier, Apollo said yesterday.

The New York-based company has been one of the most active firms in exiting investments as markets have risen over the past two years.

In Q2, Apollo disposed of three companies, sold shares in five more and took three public, reaping more than $7 billion in proceeds and distributing $5.7 billion to investors. The firm seeks as much as $15 billion for its next buyout fund.

Apollo shares rose 0.6 percent, to $28.05, yesterday.