He will be based in London and focus on European investments.
Steel worked at private equity major Carlyle from 2001 to 2010 in European leveraged buyouts after serving at the investment banking division of Goldman Sachs.
He most recently served as an adviser to former British Prime Minister Tony Blair on finance and business development at the Office of the Quartet Representative in Jerusalem.
Ares senior partner David Kaplan said, “Charles’ extensive experience investing across a range of transaction types in Europe will be of great value as we invest a portion of our latest $4.7bn corporate opportunities fund outside of the United States.”
Ares Private Equity has $9bn of committed capital across five private equity funds at the end of March.
Earlier this month Ares agreed to buy New York and London-based real estate investment firm AREA Property Partners.
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