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Laxman Pai, Opalesque Asia: Private credit giant Ares Management has closed its second middle-market distressed credit fund, Ares Special Opportunities Fund II (ASOF II)at a hard cap of $7.1 billion. The original target was $4 billion.
The global alternative investment manager said in a media release that the new special opportunities strategy seeks to invest in a range of private, special-situation opportunities as well as stressed or distressed public market debt securities.
Ares' second fund also is more than double its predecessor, the $3.5 billion Ares Special Opportunities Fund, which closed in 2020.
"We believe the significant investor demand and support for ASOF II is a testament to our team, track record, and market positioning, and we are deeply appreciative of the confidence entrusted in us by our investors," said Scott Graves, Partner, Co-Head of the Ares Private Equity Group and Head of Special Opportunities.
Investors in Ares Special Opportunities Fund II include Wisconsin Retirement System, Madison, and Houston Firefighters' Relief and Retirement Fund.
"Since the development of the Special Opportunities strategy in 2017, our team has focused on extending Ares' position as a leading middle market investor by consistently supporting companies, management teams, and sponsors through cycles and transformational change. Looking ahead, we are confident that the breadth of our Special Opportunities capabilities and the scale of the Ares...................... To view our full article Click here
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