Alternative asset manager Ares Management reported approximately $74m of fee-related earnings for its secondaries unit in the third quarter – a rise of about 167% compared with the same period a year earlier, according to a report by Bloomberg.
The firm said that the majority of new commitments within the segment were directed to private equity secondaries, reflecting growing institutional demand for liquidity and portfolio rebalancing through stake sales and continuation vehicles.
Ares’ total fee-related earnings to $471.2m, driven by the profits from its secondaries unit, up 39% from a year ago. The firm also paid out $659.8m in compensation and benefits in Q3, a 51% increase compared with a year ago. Shares in the firm were up 5% in early trading.
