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Alternative Market Briefing

Ares raises $3.7bn for the oversubscribed alternative credit fund

Wednesday, March 17, 2021

Laxman Pai, Opalesque Asia:

Global alternative investment manager Ares Management closed its Ares Pathfinder Fund at $3.7 billion. The alternative credit fund closed well above its fundraising target of $2 billion.

Pathfinder is the team's flagship global Fund that invests in alternative credit assets that are often sourced in the financing gaps found between the credit, private equity, and real estate sectors.

As of December 31, 2020, the Ares Alternative Credit strategy managed approximately $13 billion in assets under management across more than 25 funds and has a dedicated team of approximately 40 investment professionals.

According to a press release, Pathfinder attracted strong interest from over 80 global investors with representation across North America, Europe, Asia, Australia, and the Middle East diversified by type across public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, and foundations, family offices, and asset managers.

"The Fund was well-received by new and existing clients of Ares, with approximately 34% of commitments representing investors new to Ares," it said.

Investors include Texas County & District Retirement System, Austin, and the Vermont Pension Investment Committee, Montpelier, which oversees the Vermont State Retirement Systems.

"We see distinct similarities between today's alternative credit market and the corporate direct-lending market of 10 years ago," said Kipp deVeer, part......................

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