Ares Administration recorded its highest stage of fundraising within the second quarter, whereas elevated funding exercise boosted fee-paying property underneath administration (AUM).
Michael Arougheti, chief govt and president of Ares, heralded the choice asset supervisor’s “spectacular outcomes”.
Learn extra: Ares: Personal credit score market will double inside 5 years
“Through the quarter, we raised $26bn (£20.4bn) in capital as a rising variety of institutional and high-net-worth buyers are discovering worth in our broad providing of personal market funding options,” he mentioned.
This included commitments to SDL III, its sixth European direct lending fund that lately closed at a file $33.6bn.
General AUM rose by 18 per cent year-on-year to $447.2bn, whereas fee-paying AUM rose by 14 per cent year-on-year to $275.8bn, as a result of increased funding into its US and European direct lending and various credit score methods.
“Within the second quarter, we skilled continued power within the elementary efficiency of our portfolios and double-digit development throughout a lot of our key monetary metrics as our funding exercise accelerated,” mentioned Jarrod Phillips, chief monetary officer of Ares. “With a file quantity of accessible capital at greater than $120bn, we imagine that we’re properly positioned to capitalize on the bettering transaction surroundings and generate further earnings development.”
Learn extra: Ares, Eurazeo and Goldman high European direct lender rankings
