Ares Commercial Finance collects $400m

The US firm’s asset-based lending platform has reported fresh equity capital commitments following its acquisition of a portfolio and a new credit facility lined up last year.  

 Ares Commercial Finance (ACF), the alternative investment firm’s asset-based lending division, has raised another $400 million in equity commitments, according to three fundraising documents filed with the Securities and Exchange Commission on 4 April.

An Ares spokesman declined to comment on the fundraising, which followed an earlier filing reporting a $30 million commitment.

The firm now has over $1.7 billion in capital across its commercial finance platform. Last year it also acquired a $700 million portfolio from HIG Capital’s First Capital Holdings.

The Commercial Finance platform was formed in June 2014 with the acquisition of Keltic Financial Services, including its team and $155 million portfolio. Keltic president and chief executive officer Jack Reilly joined Ares as a partner and was joined by executive vice-presidents Jamie Franz and Oleh Szczupak.

Last May, Wells Fargo Capital Finance announced that it had arranged a $450 million senior revolving credit facility for the Ares Commercial Finance platform. The unit provides asset-based and cashflow loans to small and mid-market companies, as well as asset-based facilities to specialty finance companies, according to the ACF website.

ACF is headquartered in New York, with offices in Los Angeles and Atlanta. The business has about 47 investment professionals on staff.

Ares Management is a publicly traded alternative investment firm based in Los Angeles. It invests across its credit, private equity and real estate divisions and has $93.6 billion in assets under management.