Ares Administration has raised a report €30bn (£25.3bn) for its newest European direct lending fund, which it believes to be the biggest institutionally-funded direct lending car out there.
Ares Capital Europe VI (ACE VI) has attracted €17.1bn of commitments, having closed above its €15bn goal and reached its exhausting cap.
Together with associated autos and anticipated leverage, the full obtainable capital for the Ares European Direct Lending technique is anticipated to be roughly €30bn.
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The fund has attracted a 53 per cent larger quantity of investor commitments than its predecessor fund, which closed in 2021 at its €11.1bn exhausting cap.
“The ultimate closing of ACE VI underscores the power of Ares’ European direct lending platform in addition to the robust demand from debtors for versatile capital options,” mentioned Blair Jacobson, companion and co-head of European credit score. “We thank our present and new traders for his or her confidence in our longstanding and differentiated technique.”
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ACE VI focuses on European corporations in defensive industries with EBITDA in extra of €10m. It has already dedicated round €6.4bn throughout over 50 investments so far.
“Over the previous 18 years, we have now continued to show our market management via our native pan-European method,” mentioned Michael Dennis, companion and co-head of European credit score. “Our group’s deep regional and sector expertise, alongside our longstanding sponsor and companion relationships, allow us to originate important alternatives with high-quality debtors.”
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The ultimate shut of ACE VI comes after Ares beforehand introduced that it had raised $33.6bn (£27.6bn) of capital for its Senior Direct Lending Fund III.
Ares’ European direct lending technique manages over $74bn in property in complete.