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Ares Management closes real estate fund at $1.04B

Published 12/05/2018, 07:23 AM
© Reuters. Ares Management closes real estate fund at $1.04B
ARES
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  • Ares Management (NYSE:ARES) reports final closing of Ares U.S. Real Estate Fund IX at about $1.04B, an increase from its predecessor fund, Ares U.S. Real Estate Fund VIII, which closed at $825M in Dec. 2014.
  • The fund primarily targets investments in multifamily, industrial, and officer properties in the U.S.
  • Investors included pension funds, insurance companies, sovereign wealth funds, endowments, non-profits, foundations, financial institutions, including a private banking platform and an asset manager, and family offices.
  • The fund is about 50% committed with 12 investments across a portfolio of properties representing more than 4,300 multifamily units and 15.7M square feet of industrial and office space.
  • Previously: Ares management, L.P. renamed as Ares Management Corporation (Nov. 26)
  • Previously: Ares Management gains 4.5% as record financing boosts AUM (Nov. 1)
  • Now read: PennantPark Still Coming In Strong


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