|
Laxman Pai, Opalesque Asia: Alternative investment manager Ares Management Corp. has closed its latest direct lending fund - Ares Senior Direct Lending Fund III (SDL III) - with a capital base of $34 billion, making it the largest in the investment manager's history.
The credit-focused private investment group said in a press release that total equity commitments raised for the fund, which is double the size of its predecessor, stand a little over $15 billion, more than its $ 10 billion target.
The $34bn figure includes equity commitments in related vehicles and anticipated leverage. It includes billions of dollars of bank loans, which will boost Ares' ability to lend, as well as separately managed accounts that will invest alongside the new flagship fund.
"Over the last twenty years, Ares has developed significant scale, relationships, and deep investment experience within direct lending, all of which have continued to support our leadership position in the market," said Mitch Goldstein, Partner and Co-Head of the Ares Credit Group.
"We appreciate the strong vote of confidence from our growing investor base, and we look forward to executing on our longstanding strategy of providing flexible capital solutions to our borrowers while seeking to generate attractive risk-adjusted returns for our investors," Mitch added.
According to the release, through its U.S. Direct Lending strategy, Ares provides directly originated senior secured loans to middl...................... To view our full article Click here
|
RSS
