Ares Management raises $5.3 billion for infrastructure secondaries

NEW YORK - Ares Management Corporation (NYSE:ARES), a $48.56 billion market cap alternative asset manager currently trading slightly above its InvestingPro Fair Value, has raised approximately $5.3 billion for its Infrastructure Secondaries strategy, the company announced in a press release statement.

The capital raise includes the final closing of its Ares Secondaries Infrastructure Solutions III (ASIS III) fund, which closed at approximately $3.3 billion in equity commitments, exceeding its initial $2 billion target after reaching its hard cap. The fund is more than three times the size of its 2021 predecessor fund. This expansion aligns with the company’s impressive 49.87% revenue growth over the last twelve months.

The total capital raised, which includes General Partner commitments and affiliated vehicles, represents one of the largest infrastructure secondaries fundraises to date.

ASIS III aims to invest in seasoned private infrastructure assets through secondary solutions, including preferred structure transactions, General Partner-led continuation vehicles and traditional Limited Partner interest acquisitions.

"Over the last four years, our Secondaries business has accelerated its scaling and differentiation to meet the growing demand for creative liquidity solutions," said Blair Jacobson, Co-President of Ares.

Edward Keith III, Partner and Head of Infrastructure Secondaries, added that as private infrastructure reaches a new phase of growth, managers with "experience, scale and creativity have an unprecedented investment opportunity."

The Infrastructure Secondaries strategy is part of the Ares Secondaries Group, which has a 30-year track record and managed nearly $34 billion in assets across infrastructure, real estate, private equity and credit asset classes, as of June 30, 2025.

Ares Management Corporation’s global platform had over $572 billion of assets under management as of June 30, 2025, with operations across North America, South America, Europe, Asia Pacific and the Middle East.

In other recent news, Ares Management Corporation has made significant strides with its investment activities. The company announced that a fund managed by its Infrastructure Opportunities strategy acquired a 49% stake in a renewable energy portfolio from EDP Renováveis, S.A., valuing the entire portfolio at approximately $2.9 billion. This portfolio includes 1,632 megawatts of solar, wind, and storage capacity across various U.S. power markets. Additionally, Ares funds acquired Meade Pipeline Co LLC for approximately $1.1 billion, owning a significant portion of the Central Penn Line, which is a key natural gas transportation route.

On the analyst front, BMO Capital initiated coverage of Ares Management with a Market Perform rating, acknowledging the company’s strong fee-related earnings and private credit capabilities. RBC Capital maintained its Outperform rating with a $215 price target, highlighting growth opportunities beyond Ares Management’s core businesses. TD Cowen also reiterated its Buy rating with a $205 price target, emphasizing updates across key growth areas following a recent investor session. These developments reflect ongoing strategic moves and analyst evaluations surrounding Ares Management.

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