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Alternative Market Briefing

Ares racks up $3.7bn for for new alternative credit fund at its hard-cap nearly doubling target

Friday, September 16, 2022

Laxman Pai, Opalesque Asia:

Ares Management Corporation, a global alternative investment manager, has raised $3.7bn (€3.7bn) focused exclusively on investing in sports leagues, sports teams, and sports-related franchises, as well as media and entertainment companies.

According to a press release from the Los Angeles, California-based hedge fund, its inaugural fund focused on the sector - Ares Sports, Media and Entertainment Finance (SME) - includes total equity commitments of nearly $2.2bn.

Including anticipated leverage and related transaction vehicles, the total available capital for SME is expected to be $3.7bn. The Fund was oversubscribed relative to its initial target of $1.5bn.

Through SME, Ares employs a global flexible private capital strategy that invests across the capital structure in both debt and equity, including senior debt, junior debt, preferred equity and minority equity in target investments, the release said.

To date, SME has committed capital to 19 portfolio companies, which represents approximately $1 billion of opportunities across the sports, media and entertainment landscape, including debt and/or equity investments in Atlético de Madrid, the San Diego Padres, McLaren Racing and Inter Miami CF.

"The Fund takes advantage of the scale and strength of the global Ares platform, including the strong sourcing networks and insights from senior executives who possess extensive expertise and relevant relationships across the sector," it said......................

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