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Ares Launches Private Markets Fund Focused on Investing in Private Equity through Secondary Market Transactions

April 06, 2022, 07:53 AM
Filed Under: Private Equity News

Ares Management Corporation announced the launch of Ares Private Markets Fund (the “Fund”), a new registered, continuously offered, non-traded, closed-end fund that intends to invest in an actively managed portfolio of private equity and other private assets principally through secondary market fund investments, and, to a lesser degree, primary fund investments and direct co-investments. The Fund has been launched with more than $250 million in initial capital, including investments from two significant institutional investors as well as a $75 million investment directly from Ares.

Leveraging the strength of the global Ares platform and the depth of Ares’ Secondary Solutions Group, the Fund intends to invest in a diversified portfolio of private equity fund stakes backed by leading private equity sponsors in both the U.S. and Europe. Through Landmark Partners, Ares’ Secondary Solutions Group has a 30-year track record and is one of the largest and most experienced investors in acquiring secondary private fund ownership stakes in the alternative asset management industry. Ares’ Secondaries Solutions has more than 75 dedicated investment and research professionals and over $22 billion in assets under management, as of December 31, 2021.

The Fund will be distributed through Ares Wealth Management Solutions (“AWMS”) and will be available through registered investment advisors and financial advisors across the U.S.

“We are excited to announce our latest fund, which provides individual investors access to fund investments from many leading private equity sponsors,” said Michael Arougheti, Chief Executive Officer and President of Ares. “Through the Fund and the strength of our global alternative investment platform, we believe we are well positioned to address the growing retail demand for attractive alternative products in today’s market environment. We are also pleased with the positive response and strong initial support for the Fund from two significant institutional investors that are investing substantial capital alongside Ares.”

“This latest product combines Ares’ leading secondary investment capabilities and global distribution platform to create an attractive portfolio diversification option for high net worth retail investors,” said Raj Dhanda, Partner and Global Head of Ares Wealth Management Solutions. “With complementary perpetual capital offerings across the credit, real estate and private equity asset classes, Ares now offers individual investors access to the breadth of our investment platform that our institutional investors have enjoyed for years.”

“With significant secondary market investing experience spanning more than three decades, our team is ideally positioned to lead this investment focus for AWMS,” said Francisco Borges, Partner and Co-Head of Ares’ Secondary Solutions Group. “This represents an exciting opportunity to bring our innovative and data-driven approach to the global wealth management channel. Leveraging the extensive experience of our investment and quantitative research teams, we look forward to providing differentiated opportunities to the retail channel.”

The Fund is a closed-end fund registered under the Investment Company Act of 1940, as amended, with its common shares registered under the Securities Act of 1933, as amended. The Fund intends to qualify as a "regulated investment company" under the Internal Revenue Code and offer simple 1099 tax reporting to investors. The Fund offers a single capital call structure through a monthly subscription process with limited liquidity via quarterly tender offers for up to 5% of the Fund's net assets.

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