Ares raises $1.5bn for special situations fund

Fund IV has raised almost a billion more than raised for its predecessor.

Los Angeles-headquartered Ares Management has raised $1.52 billion for its fourth special situations fund, according to a US Securities and Exchange Commission filing.

Ares Special Situations Fund IV has raised the commitments from 68 limited partners. It is the fourth and final close on the fund, PDI understands.

Chile-based HMC Itajuba, Switzerland-based RT Financial Services and South Korea-based Eugene Investment & Securities are all listed on the filing as bringing in capital from non-US investors.

A spokesman for Ares Management declined to comment.

Ares launched the fund in May 2014 with a target size of $1 billion and a hard-cap of $1.5 billion, according to PDI Research & Analytics.

By January 2015, the fund had surpassed its target with $1.11 billion raised. Investors include Kansas Public Employees Retirement System, New Mexico State Investment Council, San Bernardino County Employees’ Retirement Association (SBCERA), Kentucky Retirement Systems and New Mexico Educational Retirement Board.

Ares Special Situations Fund IV has raised substantially more than its predecessor fund, the Ares Special Situations Fund III, which launched in 2010 with a target of $650 million. The California Public Employees Retirement System (CalPERS), the New Mexico State Investment Council and the New Mexico Retirement Board were all investors in the third fund, according to PDI Research & Analytics.