Ares Management raises $3bn

The Los Angeles-based firm closes its senior direct lending fund above target.

Ares Senior Direct Lending Fund has held a final close with $3 billion in capital commitments, exceeding its target of $2 billion. According to a press release from the firm’s website, the total capital will be around $5 billion when accounting for expected leverage. The fund will invest in senior debt managed by middle market companies throughout North America, with the goal of providing safe loans to a diversified group of companies.

21 new investors and 24 existing investors committed to the Senior Direct Lending fund, including pension funds, insurance companies, endowments and foundations. The fund has invested $700 million since it held its first close in July 2018.