Ares Management Corporation (Ares) has completed its previously announced acquisition of Landmark Partners, one of the largest and most experienced investors in acquiring secondary private fund ownership stakes in the alternative asset management industry.
With more than USD19.6 billion in assets under management as of 31 March, 2021, Landmark provides private equity, real estate and infrastructure secondaries solutions for institutional investors. Founded in 1989, Landmark is led by a team of 150 professionals located in six offices across the US, Europe and Asia and has developed a loyal investor base of more than 600 institutional investors. With its significant investment experience and expansive network of financial sponsors and institutional LPs, Landmark is a go-to partner for secondary market transactions. The company’s leadership position has led to strong sourcing and underwriting advantages, which has resulted in a long-term track record of attractive investment performance for its investors. Over the past three decades, the company has sourced more than 2,400 transactions with over 800 financial sponsors.
“We are excited to complete our combination with Landmark, which immediately brings us scale and extensive capabilities in the attractive and growing global secondaries market,” says Michael Arougheti, Chief Executive Officer and President of Ares. “We believe the secondaries industry is at an inflection point for growth and we believe the combination of Landmark’s market leadership with our global platform of sponsor and client relationships will further enhance this growth opportunity and provide competitive advantages. We look forward to capitalising on the many benefits this transaction offers, including the opportunity to meaningfully expand secondary solutions into other alternative asset classes, and we couldn’t be more enthusiastic about partnering with the Landmark team.”
Landmark will now operate in a newly formed Ares investment group named Secondary Solutions and will be branded “Landmark Partners, an Ares company.” Ares’ new Secondary Solutions Group will be overseen by Francisco Borges and Timothy Haviland as Co-Heads.
“We are very pleased to finalise this transaction between our two leading investment platforms,” says Francisco Borges, Partner and Co-Head of Ares Secondary Solutions. “We believe the combination of Landmark’s leadership in the secondaries market and Ares’ significant global sponsor and investor networks will provide product and fundraising opportunities that will accelerate the growth of our new Secondary Solutions Group.”
“We have known the Ares leadership team for many years and view them as an ideal partner for the exciting opportunities ahead for our industry,” says Timothy Haviland, Partner and Co-Head of Ares Secondary Solutions. “The Ares and Landmark teams share similar values and the same commitment to building a collaborative and entrepreneurial workplace. I look forward to partnering with our new colleagues as we execute on our strategic plans.”