As a direct lending fund, the Fund has a mandate to provide debt capital to European middle-market companies.
Ares Management Corp, a Los Angeles, California-based global alternative asset manager, has raised USD 11bn in total capital commitments for its fifth Europe credit fund, Ares Capital Europe V (the Fund), according to a filing with the SEC, dated 30 Dec 2020, reviewed by AnalyzeMarkets.
Based on the target of EUR 9bn (USD 10.9bn), the Fund is already slightly oversubscribed. It’s not clear from the filing that the Fund had a final close or still raising more commitments.
Including anticipated leverage, the Fund is expected to have the firepower of more than USD 16bn, according to AnalyzeMarkets estimates.
As a direct lending fund, the Fund has a mandate to provide debt capital to European middle-market companies.
The total capital commitments include the amount raised by the Fund’s parallel vehicle as well. Ares Investor Services LLC is the Fund’s placement agent, according to the filing.
With a first sale recorded in September last year, the Fund has received commitments from more than 200 limited partners (LPs). Virginia Retirement System, an independent state agency that administers retirement plans for Virginia’s public sector employees, is one of the LPs of the Fund.
Previously, Ares had raised EUR 6.5bn for its oversubscribed Europe IV fund, closed in July 2018, and collected EUR 2.5bn for Europe III fund in May 2016, according to AnalyzeMarkets Global Funds Data.
Founded in 1997, Ares is a global alternative asset management firm with a focus on credit, private equity, and real estate investments and Strategic Initiatives. It had USD 179bn in total AUM, as of 30 Sep 2020.
NYSE-listed, Ares has a current market value of USD 12.2bn. Its stock increased by 35% in 2020.
Source: Analyze Markets
