Ares Management Corp. collected approximately $3 billion for its first commingled U.S. senior direct lending fund at its final close, surpassing its initial target of $2 billion.
The fund is estimated to have total capital of about $5 billion, including projected leverage. It aims to offer senior secured loans for defensively positioned companies in a private, commingled fund format.
Ares Senior Direct Lending Fund received capital commitments from new and existing investors worldwide, including pension funds, sovereign wealth funds, insurers, high-net-worth individuals, family offices, funds-of-funds, endowments and foundations.
The fund has committed about $700 million across more than 20 investments since its first close in July 2018, Ares partner and head of its credit group Kipp deVeer said in a release.