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Laxman Pai, Opalesque Asia: Global alternative investment manager Ares Management Corporation announced that certain funds managed by its Alternative Credit strategy have completed the acquisition of a $3.5 billion specialty finance loan portfolio from PacWest Bancorp.
The Portfolio consists of high quality, senior secured, asset-backed loans with commitments of approximately $3.5 billion, said a media release from the investment management company with $360 billion of assets under management.
The Portfolio, which was originated by PacWest's Lender Finance unit, is backed by assets across a variety of industries and asset classes including consumer loans, small business loans, timeshare receivables, auto loans, asset manager and fund finance loans, residential real estate loans, and commercial real estate loans.
Ares Alternative Credit pursues an asset-focused investing strategy, targeting investments in large, diversified portfolios of assets that generate contractual cash flows. It has approximately $24 billion in assets under management, deploying over $10 billion in the last twelve months.
PacWest Bancorp is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank.
"We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high-quality portfolio of asset-backed loans," said Jef...................... To view our full article Click here
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