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Ares Management closes fund at $3.4B

Ares Management LP has held the final close for its junior capital direct lending fund, Ares Private Credit Solutions, at $3.4 billion of total commitments.

The final amount exceeded the initial fundraising target of $2.5 billion. The commitments are from a global and diverse investor base consisting of more than 50 investors, about 60% of which are new to the Ares platform.

The fund targets the junior capital needs of upper-middle-market companies in North America, focusing mainly on investing in companies backed by private equity sponsors.