Ares Management Corporation is reportedly in the market to raise more than $2bn for a new Asia-focused special situations fund, as the alternative investment giant continues to scale its regional credit footprint, according to a report by Bloomberg.
The Los Angeles-based firm is said to be targeting a vehicle of comparable or greater size than its previous Asia special situations fund, which closed on approximately $2.4bn in 2023.
Ares is also weighing the launch of a separate strategy focused on performing credit in Asia, though fundraising targets for that vehicle have not yet been finalised, the sources said, noting that deliberations remain ongoing and subject to change.
The push underscores Ares’ continued emphasis on credit as a pillar of its long-term growth strategy. As of the first quarter of 2025, the firm managed $359bn in credit strategies, part of its $546bn in total assets under management. Its global credit portfolio spans direct lending, opportunistic credit, and liquid credit markets.
In Q1 2025, Ares saw record demand for private credit, with firm-wide AUM increasing 27% year-on-year. Its US senior direct lending and Asia-Pacific credit strategies posted returns of 3.2% and 4.4%, respectively. Ares also raised more than $20bn during the period. The firm’s Asia-Pacific credit strategy delivered a standout 27.2% return in 2024, the highest across its global credit platform.
Ares’ presence in Asia has expanded significantly in recent years through targeted acquisitions. In 2020, it acquired Hong Kong-based SSG Capital Holdings, one of the region’s largest alternative credit platforms. More recently, the firm acquired Singapore-based Crescent Point Capital, an Asia-focused private equity firm with notable exposure to China.
In March 2025, Ares further bolstered its footprint with the acquisition of GCP International – excluding its Greater China operations – adding depth in logistics, digital infrastructure, and self-storage real estate.
Ares is also actively courting capital from high-net-worth investors, aiming to reach $100bn in wealth channel AUM by 2028. The firm believes this could translate into an estimated $600m in recurring management fees. Last year, Ares raised $92.7bn in new capital globally, marking a 25% increase over 2023.
