Ares Management Corporation, a leading global alternative investment manager, announced today the final closing of its Ares U.S. Real Estate Opportunity Fund III, L.P. The Fund, which targets distressed, repositioning, and selective development opportunities, was oversubscribed with approximately $1.7 billion of commitments compared to its $1.5 billion target. This marks the largest U.S. real estate equity fundraise for Ares to date and is a significant increase from the $1 billion of commitments raised for the predecessor fund and related vehicles.
Ares’ U.S. opportunistic real estate strategy draws on the team’s experience investing across market cycles and sectors and pursues a flexible approach that seeks to generate differentiated investment opportunities for investors. The Fund has already capitalized on what we believe is an attractive market opportunity post-COVID-19 with nine investments committed to date.
“We have been able to draw on our team’s deep market coverage, longstanding relationships and ability to navigate shifting market dynamics, and the experience of our U.S. real estate equity Partners Jay Glaubach, Andrew Holm and Howard Huang, in an effort to source differentiated investment opportunities. Looking ahead, the unprecedented change in space utilization has potentially widened the opportunity set for both attractive undercapitalized assets and assets within sectors experiencing accelerated demand,” said David Roth, Head of U.S. Real Estate Private Equity.
Source: Business Wire
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