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Ares Management eyes up to $1.5bn for new special situations fund

30 May 2014

dollar money cash fundLos Angeles-headquartered alternative investment firm Ares Management is reportedly looking to tap LPs for up to $1.5bn for a new special situations fund.

Ares is targeting $1bn for Special Situations Fund IV according to Dow Jones, but could go 50 per cent higher than this to hit its hard cap according to two people with knowledge of the matter.

The firm, which went public earlier this month, has approximately $74bn of assets under management in both public and private strategies including tradable credit, direct lending, private equity and real estate.

Ares was launched in 1997 by former Apollo Global co-founders David Kaplan and Tony Ressler, the firm’s current CEO and chairman.

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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