Ares Management Corporation

Overview

• Global alternative investment manager operating an integrated platform with four primary investment groups: Credit, Real Assets, Secondaries, and Private Equity, plus other businesses (AIS, SPAC-related activities, venture capital).
• Emphasizes a credit-oriented investment philosophy, multi-asset class capabilities, extensive proprietary research, and a collaborative cross-group investment process.

Scale and reach (as of December 31, 2025)

• Assets under management (AUM): $622.5 billion.
• Employees: over 4,250.
• Global footprint: more than 55 offices in over 25 countries.
• Direct institutional relationships: over 2,850.
• Investor base includes publicly-traded funds, sub-advised accounts, and perpetual wealth vehicles; AWMS distribution channel supports product development and client management.

Capital raising and deployment (2025)

• Gross new capital commitments raised: $113.2 billion across more than 190 investment vehicles.
• Direct institutional capital: $77.4 billion from over 540 institutions; intermediaries contributed $35.8 billion.
• Fundraising by investment group (2025): Credit $66.9B; Real Assets $24.0B; Secondaries $12.9B; Private Equity $2.3B; Other Businesses $7.1B (includes Private Equity Secondaries, Infrastructure Secondaries, etc.).
• Investments deployed in 2025: $145.8 billion across the platform (Credit $111.1B; Real Assets $23.5B; Secondaries $6.0B; Private Equity $1.4B).
• Drawdown funds deployed: $69.1 billion (across Credit, Real Assets, Secondaries, Private Equity).

Investment groups and scale (AUM and focus)

• Credit Group: $406.9B AUM; $249.8B FPAUM (fee- and performance-based AUM).
  • Liquid Credit: syndicated loans, high yield, multi-asset credit.
  • Alternative Credit: asset-based finance with downside protection.
  • Opportunistic Credit: debt and structured investments in middle-market mid-caps.
  • Direct Lending: large self-originating lender to U.S. and European middle-market; U.S. Direct Lending AUM $189.6B across ~90 funds/SMAs; European Direct Lending AUM $84.7B across >35 funds; APAC Credit $11.5B across >20 funds.
• Real Assets Group: $139.1B AUM; $84.1B FPAUM.
  • Real Estate: equity and debt across core, value-add, opportunistic; emphasis on logistics (Marq Logistics), diversified real estate, and real estate debt.
  • Infrastructure: core and value-add equity, infrastructure debt, digital infrastructure (Ada Infrastructure data centers).
  • Real Assets secondaries and related strategies across real estate, infrastructure, and credit secondary exposures.
• Secondaries Group: $42.1B AUM; $29.5B FPAUM.
  • Focus on secondary markets across private equity, real estate, infrastructure, and credit, including specialized secondary solutions and restructurings.
• Private Equity Group: $25.3B AUM; $14.4B FPAUM.
  • Corporate Private Equity (North America and Europe): growth buyouts in middle-market companies.
  • APAC Private Equity: structured growth investments in control, joint-control, and minority formats focused on consumer, healthcare, and services; opportunistic investments in dislocated assets.
• Other Businesses: $9.1B AUM; $7.1B FPAUM.
  • Includes AIS (Ares Insurance Solutions), reported with $25.9B AUM (including $16.9B sub-advised), SPAC-related investments (e.g., Kodiak AI), and a venture capital business focused on growth-stage and AI applications.

Investor base and client channels

• Direct institutional AUM represents the majority of AUM: 76% of $622.5B equals $470.1B.
• Wealth management channel (AWMS) and publicly-traded funds/perpetual vehicles account for $108.4B of AUM (17% of total).
• Platform exposures and holdings (2025): over 2,150 portfolio company investments, over 1,900 alternative credit investments, over 1,300 properties, over 90 infrastructure assets, and over 1,000 limited partnership interests in investment funds.

Organizational structure

• Ares Management Corporation (AMC) is a Delaware corporation and the holding company that consolidates the Ares Operating Group (AOG).
• The firm operates through an integrated platform and is guided by an operating committee and a partners committee across investment groups.
• The structure includes a capital markets group (OMG). Investment vehicles are generally advised by Ares Management LLC or controlled subsidiaries, with many funds organized as limited partnerships or limited liability companies.

Notable activity

• March 1, 2025: completed acquisition of the international business of GLP Capital Partners Limited and certain affiliates, expanding logistics and digital infrastructure capabilities (GCP International activities included in Real Assets).

Revenue sources

• Revenue is generated from management fees, carried interest, incentive fees, and returns on investments of firm capital. Performance and fee arrangements drive earnings.

Figures are as of December 31, 2025.

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