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Alternative Market Briefing

Ares Management raises $8bn fund in a private-credit arms race

Tuesday, December 14, 2021

Laxman Pai, Opalesque Asia:

American global alternative investment manager Ares Management closed its latest direct lending fund, $8 billion Ares Senior Direct Lending Fund II (SDL II), which was oversubscribed and exceeded its $4.5 billion initial fundraising target.

According to a press release from the investment manager operating in the credit, private equity, and real estate markets, the new fund is 167% larger than its predecessor, the $3 billion Ares Senior Direct Lending Access Fund, which closed in 2018.

SDL II provides directly originated senior secured loans to middle-market companies primarily in North America. It has committed more than 30% of its investable capital base across a portfolio of 70 companies.

The fund seeks to invest in companies with a strong competitive position in their markets, with experienced management teams and strong free cash flow characteristics.

SDL II, together with the recently announced final close of Ares Private Credit Solutions II (PCS II) at $5.1 billion in October of 2021, brings the total commingled fund capital raised by the Ares U.S. direct lending team for the second vintages of these two flagship fund families to over $19 billion, including anticipated leverage.

"We are thankful for the continued support of both new and existing investors for our second senior direct lending fund," said Kipp deVeer, Partner and Head of the Ares Credit Group. "The over $19 billion of capital between PCS II and SDL II ......................

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