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Laxman Pai, Opalesque Asia:

Global alternative investment manager Ares Management Corporation has raised $6.6 billion for its second fund focused on alternative credit, beating its $5 billion target.

The fund Ares Pathfinder Fund II and its affiliated fund Ares Pathfinder Fund II (Offshore) were approximately 80 percent larger than the predecessor fund, which had total commitments of $3.7 billion, said a press note from the US-based investment manager with $378 billion of assets under management.

Investors in the fund include the Texas County & District Retirement System; New Mexico State Investment Council, Santa Fe; Indiana Public Retirement System, Indianapolis; San Francisco City & County Employees' Retirement System; New Hampshire Retirement System, Concord; Wyoming State Loan and Investment Board, Cheyenne; and $San Joaquin County Employees' Retirement Association, Stockton, Calif.

"We are deeply grateful for the continued support from our investors. In our view, their trust and confidence in Ares Alternative Credit is a testament to the team's success in executing on their behalf and creating value across a range of market and economic environments," said Keith Ashton, Partner and Co-Head of Alternative Credit.

"Especially in these times of growing opportunity but also increasing uncertainty, we believe that our strategy benefits from diversified asset portfolios with meaningful downside protections. As many banking participants grapple with ne......................

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