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Ares Administration recorded its highest degree of fundraising within the second quarter, whereas elevated funding exercise boosted fee-paying belongings beneath 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
“In the course of the quarter, we raised $26bn (£20.4bn) in capital as a rising variety of institutional and high-net-worth traders 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.
Total 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, on account of larger 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 lots of our key monetary metrics as our funding exercise accelerated,” mentioned Jarrod Phillips, chief monetary officer of Ares. “With a file quantity of obtainable capital at greater than $120bn, we consider that we’re properly positioned to capitalize on the bettering transaction setting and generate extra earnings development.”
Learn extra: Ares, Eurazeo and Goldman prime European direct lender rankings
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