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Laxman Pai, Opalesque Asia: Global alternative investment manager Ares Management Corp. started a roughly $1.5 billion credit fund for high-net-worth individuals that will invest in secured loans to US middle-market companies.
The U.S.-based investment management company said in a media release that the Ares Strategic Income Fund (ASIF), a perpetual capital, continuously offered, non-traded business development company, seeks to primarily invest in directly originated, senior secured, floating-rate loans to U.S. middle-market companies.
"ASIF has launched with approximately $1.5 billion in initial investible capital, including more than $847 million of equity commitments raised from certain existing institutional relationships in a private placement, and approximately $625 million in credit facility commitments," it said.
According to the release, ASIF is designed to leverage the scale, breadth, and depth of the Ares Credit Group's extensive, cycle-tested platform, which had over $214 billion in assets under management and more than 355 dedicated investment professionals as of December 31, 2022.
Mitchell Goldstein, Partner, Co-CEO of ASIF, and Co-Head of the Ares Credit Group said: "As high-net-worth investors seek alternative sources of income, we believe that ASIF provides investors a differentiated opportunity to benefit from Ares' leading credit investment platform and cycle-tested investment approach. Further, we appreciate the strong initial support...................... To view our full article Click here
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