Market Overview

Ares Management Closes Fourth European Direct Lending Fund at €6.5 Billion

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Ares Management, L.P. (NYSE:ARES) announced today the final closing of
its fourth European direct lending fund, Ares Capital Europe IV ("ACE
IV"). Within six months of its launch, ACE IV was significantly
oversubscribed relative to its initial target of €4.5 billion, closing
at its hard cap of €6.5 billion of total commitments. ACE IV is the
largest European direct lending fund raised to date. This fundraise
represents a significant increase from ACE IV's predecessor fund, Ares
Capital Europe III ("ACE III"), which held its final close in May 2016
at €2.5 billion. Including anticipated leverage, the total available
capital for ACE IV will be approximately €10.0 billion.

ACE IV attracted backing from a diverse group of more than 125
investors, including 59 investors new to Ares. The group of global
investors included pension funds, insurance companies, sovereign wealth
funds, endowments, a private banking platform and family offices.
Overall, ACE IV received strong support from current investors, with
approximately 70% of commitments coming from existing Ares investors.
ACE IV will be the first Ares European direct lending fund to offer an
unlevered sleeve, a structure that has brought a number of first time
investors to the Ares platform.

ACE IV will continue Ares' strategy of providing flexible, one-stop and
scaled capital solutions to mid-market companies across Europe. Ares has
one of Europe's largest dedicated direct lending teams, with more than
40 investment professionals and offices in London, Paris, Stockholm and
Frankfurt. These professionals cover the United Kingdom as well as
Southern, Northern and Central Europe. The team has invested more than
€12 billion since inception and approximately €4 billion in 25 new
platform transactions and 25 add-ons over the last twelve months through
March 31, 2018. ACE IV has already started to benefit from the team's
robust investment pipeline, having committed to several investments to
date.

"ACE IV's scale underscores the attractive investment opportunities
available in the European market today and the confidence that investors
have in Ares as a strong steward of their capital," said Blair Jacobson,
Co-Head of the Ares European direct lending strategy and Partner in the
Ares Credit Group. "We are pleased that investors have continued to
support our strategy as our deployment has increased over time. Our
momentum is a result of the growth in our origination capabilities, the
acceptance of direct lending across the European countries where we have
a meaningful and long-standing presence, and the benefits of incumbency,
which are becoming even more pronounced."

"With the increased scale of our platform, we can lead increasingly
larger transactions to support the growth, acquisitions and changing
needs of European middle market companies," said Michael Dennis, Co-Head
of the Ares European direct lending strategy and Partner in the Ares
Credit Group. "However, we remain very active in the lower end of the
market as well. Approximately half of our investments last year were in
companies with EBITDA of €15 million or less, as our large capital base
gives us the ability to support their financing needs beyond our initial
debt investment."

Ares was one of the first managers to operate in the European direct
lending market since launching in 2007. Over the past 11 years, the team
has completed more than 150 direct lending investments alongside nearly
100 private equity sponsors. The European direct lending platform is
part of the Credit Group at Ares, which manages approximately $85
billion in global assets under management as of March 31, 2018, pro
forma for ACE IV. This includes approximately $55 billion in direct
lending across the U.S. and Europe. The Ares European direct lending
strategy has grown to become one of the region's largest with over $20
billion of assets under management as of March 31, 2018 and pro forma
for ACE IV.

"ACE IV follows the success we have had in our U.S. direct lending
business, where we have consistently invested in our origination and
portfolio management capabilities ahead of asset growth," added Kipp
deVeer, Partner and Head of the Ares Credit Group. "We look forward to
continue investing in the U.K. and European private credit markets, and
with this fund, we will be able to provide a wide range of credit
investment solutions to our stakeholders. We are grateful for the
support of our investors and their confidence in the strength of our
leading market position."

About Ares Management

Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $112.5 billion of assets under
management as of March 31, 2018 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein.

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