Ares Raises $1.7 Billion for Australia Private Credit Fund (1)

Ares Management Corp. has raised A$2.6 billion ($1.7 billion) for a credit fund for Australia and New Zealand, as it seeks to capitalize on opportunities created by banks retreating from leveraged lending.

The Ares Asia Direct Lending fund, the company’s first leveraged buyout vehicle for the region, has deployed over A$1.04 billion of first lien, senior secured loans. Recipients include: Australian funeral home operator InvoCare Ltd. as it was delisted by private equity firm TPG Inc.; Allegro Funds as it acquired fuel retailer Gull New Zealand; and BGH Capital’s payments platform Pushpay, the firm said.

Financing of leverage buyouts ...