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Ares Management eyes up to $419m from imminent IPO

22 Apr 2014

Los Angeles-headquartered alternative investment firm Ares Management has filed to raise up to $419m through its upcoming IPO.

The firm is expected to price the IPO at between $21 and $23 per share according to a regulatory filing.

It had previously filed to raise up to $100m, although early figures are often just used for the purposes of calculating registration fees.

Ares said the proceeds would go towards paying down its debt and for “growth initiatives”.

The firm reported net income of $329m in 2013, down 18.5 percent on the previous year, while distributable earning saw a slight increase of one per cent to $306m.

In July 2013 Ares sold a 6.25 per cent stake to US insurance group Alleghany for $250m. Previously Middle East sovereign wealth fund ADIA bought a 20 per cent stake in 2007, paying $375m on a $1.9bn valuation

Ares was launched in 1997 by former Apollo Global co-founders David Kaplan and Tony Ressler, the firm’s current CEO and chairman. The firm has approximately $74bn of assets under management in both public and private strategies including tradable credit, direct lending, private equity and real estate.

Last year Ares bought real estate investment manager AREA Property Partners to expand its capabilities in that area. Its most notable deal of the last 12 months was the $6bn buyout of US retail group Neiman Marcus alongside Canadian pension fund CPPIB.

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