Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
Ares Management Corporation (NYSE: NYSE:ARES), a global alternative investment manager, has announced the closure of its Ares Senior Direct Lending Fund III (SDL III).
The fund closed with approximately $15.3 billion in equity commitments, surpassing its initial target of $10 billion and setting a record as the largest direct lending fund in the firm's history. Including related vehicles and anticipated leverage, the total capital base for SDL III is expected to reach around $33.6 billion.
SDL III's equity commitments are nearly twice the size of its predecessor fund, SDL II, which had $14.9 billion in total debt and equity commitments in 2021. The firm raised about $6.4 billion of SDL III's commitments in the second quarter of 2024 alone.
Mitch Goldstein, Partner and Co-Head of the Ares Credit Group, expressed gratitude for the strong investor support and the firm's commitment to providing flexible capital solutions while aiming for attractive risk-adjusted returns.
Mark Affolter, Partner and Co-Head of U.S. Direct Lending, noted the ongoing demand for capital in the middle market, which banks and traditional lenders often underserve.
Ares' U.S. Direct Lending strategy focuses on originating senior secured loans to middle market companies in North America. SDL III follows the same strategy as SDL I and SDL II, targeting companies with $10 million to over $150 million in EBITDA.
The fund has already committed $9.0 billion to over 165 companies, demonstrating significant deployment of its capital.
Ares Management Corporation, with approximately $428 billion in assets under management as of March 31, 2024, operates across credit, real estate, private equity, and infrastructure asset classes. The company, with around 2,900 employees, has a presence in North America, Europe, Asia Pacific, and the Middle East.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.