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Ares Management closes Senior Direct Lending Fund II at USD14bn with expected leverage

Ares Management Corporation (Ares), a global alternative investment manager, has held the final closing of Ares Senior Direct Lending Fund II (SDL II). With total equity commitments of approximately USD8 billion, SDL II was significantly oversubscribed relative to its initial target of USD4.5 billion. 

Ares Management Corporation (Ares), a global alternative investment manager, has held the final closing of Ares Senior Direct Lending Fund II (SDL II). With total equity commitments of approximately USD8 billion, SDL II was significantly oversubscribed relative to its initial target of USD4.5 billion. 

The Fund is over 2.6x the size of its 2018 predecessor fund of USD3 billion. Including anticipated leverage, the total capital base for SDL II is expected to be approximately USD14 billion. SDL II, together with the recently announced final close of Ares Private Credit Solutions II (PCS II) at USD5.1 billion in October of 2021, brings the total commingled fund capital raised by the Ares U.S. direct lending team for the second vintages of these two flagship fund families to over USD19 billion, including anticipated leverage.

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