Market Overview

Ares Management Closes Oversubscribed Inaugural U.S. Senior Direct Lending Fund with Total Anticipated Capital of $5 Billion

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Ares Management Corporation (NYSE:ARES) announced today the final
closing of its inaugural, commingled U.S. senior direct lending fund,
Ares Senior Direct Lending Fund ("SDL" or the "Fund"). SDL was
significantly oversubscribed relative to its initial target of $2
billion in L.P. commitments, closing on approximately $3 billion of
total commitments. Including anticipated leverage, the total capital for
SDL is expected to be approximately $5 billion.

The Fund is a natural extension of Ares' longstanding investment
strategy of offering institutional and retail investors access to senior
secured, directly originated loans to quality North American middle
market companies through a variety of vehicles. SDL will leverage Ares'
leading, national origination capabilities to provide senior secured
loans to defensively positioned companies in a private, commingled fund
format.

SDL attracted a broad and diverse group of investors, including 21
investors new to Ares. Ares also benefited from 24 existing Ares
investors committing to the Fund. The global investor base is comprised
of pension funds, sovereign wealth funds, insurance companies, high net
worth individuals, family offices, funds-of-funds, endowments and
foundations.

"We greatly appreciate the strong support from both existing and new
investors, and their confidence in Ares' leading direct lending
platform," said Kipp deVeer, Partner and Head of the Ares Credit Group.
"SDL has already started to benefit from the team's significant
investment activity, having committed to more than 20 investments to
date representing over $700 million of initial commitments since the
first closing in July of 2018."

"In today's market environment, we have witnessed increased demand for a
floating rate, senior secured loan fund where investors of various sizes
can access this durable and defensively positioned asset class," said
Mitch Goldstein, Partner and Co-Head of the Ares Credit Group. "The
enthusiasm and demand we received from our investors demonstrates the
support for our direct lending team's rigorous investment process and
strong track record of performance across various market cycles,
including the last recession."

Mark Affolter, Partner and Co-Head of U.S. Direct Lending, added, "Based
on recent volatility, we are seeing improving market conditions to
invest in high-quality, senior secured loans with attractive pricing and
terms. Our significant capital availability, deep and longstanding
relationships and market-leading position with middle market sponsors
and management teams provides significant advantages during times of
market uncertainty."

As of September 30, 2018, the Ares Credit Group manages $60.4 billion in
global direct lending assets under management, with $39.2 billion in the
U.S. and $21.2 billion in Europe. Ares has one of the largest global
direct lending teams with over 170 investment professionals in 12
offices throughout the United States and Europe. Since inception in 2004
and through September 30, 2018, the U.S. direct lending team has
invested over $42 billion in U.S. senior debt investments across more
than 960 loans through various market cycles. Ares' broad national
coverage and direct origination capabilities enable the team to be
highly selective with an average closing rate of between 3-5%.

About Ares Management Corporation

Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $125 billion of assets
under management as of September 30, 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.

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 Ares' filings with the Securities
and Exchange Commission. Ares Management Corporation undertakes no duty
to update any forward-looking statements made herein.

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