Global alternative investment manager Ares Management is set to hold a final close on what would be the largest ever direct lending fund raised to date, with over €20bn ($21.9bn) in capital commitments, according to a report by Bloomberg.
The reports cites unnamed sources with knowledge of the matter as confining that the Los Angeles-based firm is looking to raise at least €15bn from investors for Ares Capital Europe VI, with an additional €5bn in leverage on top of that.
During the firm’s October earnings call, Chief Executive Officer Michael Arougheti said that the fund, which will be jointly-managed by Co-Heads of European Credit Blair Jacobson and Michael Dennis, is expected to attract more backing than the firm’s previous fund which closed at €15bn including €4bn of leverage.
