Ares Administration recorded its highest degree of fundraising within the second quarter, whereas elevated funding exercise boosted fee-paying belongings underneath administration (AUM).
Michael Arougheti, chief govt and president of Ares, heralded the choice asset supervisor’s “spectacular outcomes”.
Learn extra: Ares: Non-public credit score market will double inside 5 years
“Throughout 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 stated.
This included commitments to SDL III, its sixth European direct lending fund that lately closed at a report $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, because of larger funding into its US and European direct lending and different credit score methods.
“Within the second quarter, we skilled continued power within the basic efficiency of our portfolios and double-digit progress throughout a lot of our key monetary metrics as our funding exercise accelerated,” stated Jarrod Phillips, chief monetary officer of Ares. “With a report quantity of obtainable capital at greater than $120bn, we consider that we’re effectively positioned to capitalize on the bettering transaction setting and generate extra earnings progress.”
Learn extra: Ares, Eurazeo and Goldman high European direct lender rankings