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Ares Management to raise $216m from New York IPO

2 May 2014

Los Angeles-headquartered alternative investment firm Ares Management is set to raise around $216m from its IPO on the New York Stock Exchange, Reuters has reported.

Ares has sold 11.4m shares at $19 each, the report said. It was previously said to be seeking up to $419m on a price range of between $21 and $23 per share. The listing gives the company a valuation of around $4bn.

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.

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

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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