Ares Administration has acquired lower-middle market lender Riverside Credit score Options (RCS) to spice up its US direct lending technique.
Boston-based RCS – an affiliated fund of The Riverside Firm – supplies financing options to sponsored and non-sponsored corporations and has deployed greater than $700m (£534m) throughout greater than 60 investments.
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The group, which incorporates new Ares associate David Dobies and managing administrators Tom Gillis and David Kilpatrick, shall be absolutely built-in into Ares’ US direct lending technique.
The choice asset supervisor stated that the acquisition is a pure enhancement to its international direct lending platform, which had greater than $214bn of belongings below administration as of 30 June this 12 months.
“RCS’ devoted concentrate on the decrease finish of the center market helps reinforce Ares’ place as a number one direct lender by supporting larger incumbency with high quality lower-middle market debtors in addition to expanded deal circulation alternatives for our platform,” stated Mitch Goldstein, associate and co-head of the Ares Credit score Group. “After spending time with the RCS group, I’m assured that they are going to be nice additions each culturally and strategically to our US direct lending technique. We sit up for working collectively as we search to construct on our collective monitor file of producing enticing risk-adjusted returns for our traders.”
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Dobies added: “We couldn’t be extra excited to affix Ares, a extremely trusted capital supplier to companies world wide and a pioneer in direct lending.
“During the last eight years, RCS has continued to guide offers and ship value-added options to lower-middle market companies. As a part of the Ares group, I’m assured we shall be even higher positioned to help the long-term progress and worth creation of our present and new debtors.”
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