Ares Management has secured more than $3bn for its Ares Private Markets Fund, a vehicle tailored to high-net-worth investors seeking access to private equity secondaries, the firm announced on Thursday, according to a report by Bloomberg.
Launched in 2022, the semi-liquid fund offers quarterly liquidity and targets discounted interests in private equity funds, with a focus on North American and European sponsors. The strategy capitalises on growing momentum in the secondaries market, driven by a slowdown in dealmaking and limited exit opportunities across the private equity landscape.
Persistent macroeconomic headwinds – including elevated interest rates and geopolitical tensions – have contributed to a decline in asset sales, prompting many limited partners to offload fund stakes at a discount. According to a February report by Evercore, 2023 saw record volumes in the secondary market as investors sought liquidity solutions.
The fundraising underscores Ares’ broader ambition to tap the growing demand for alternative investments among global high-net-worth individuals.
The Los Angeles-based firm has raised $27bn across its wealth management platform over the past three years, with assets now exceeding $29bn. Ares has previously stated a target of $100bn in wealth assets under management by 2028, which it estimates would generate approximately $600m in management fees.
