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Alternative Market Briefing

Ares Management closes special opportunities fund at $3.5bn

Tuesday, June 23, 2020

Laxman Pai, Opalesque Asia:

The global alternative investment manager Ares Management closed its Ares Special Opportunities Fund (ASOF) at $3.5 billion.

The private debt fund well exceeded its $2 billion fundraising target, according to a press release from the firm operating integrated businesses across credit, private equity and real estate.

ASOF attracted strong interest from a diverse set of more than 70 limited partners from North America, Europe, Asia, and the Middle East, and investors included pension funds, sovereign wealth funds, insurance companies, endowments, family offices, and private bank, said the release by the asset manager with $149 billion in assets under management.

Approximately half of the ASOF investors had previously invested in another Ares fund and this group of limited partners accounted for over 80% of the Fund's committed capital.

Investors include Virginia Retirement System, Richmond; Pennsylvania State Employees' Retirement System, Harrisburg; and Louisiana Teachers' Retirement System, Baton Rouge.

The ASOF team had been primarily focused on privately negotiated transactions heading into March 2020 with nearly $400 million deployed, but quickly pivoted with a focus more toward publicly traded investments with $1.3 billion invested and committed by the fund during the market dislocation.

The Fund's $1.7 billion of invested and committed capital to date is split almost evenly between private and public situations.......................

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