Ares Setting Up Business to Buy Secondhand Private Credit Funds

Ares Management Corp.is setting up a business to snatch up stakes in private credit funds from other investors needing to cash out fast, according to people with knowledge of the matter.

The $352 billion investment firm is finalizing plans for a credit secondaries strategy that will buy stakes from both limited partners and the fund managers themselves, said the people, who asked not to be identified because they are not authorized to speak publicly.

It’s the latest foray into a growing area of private markets that’s also attracted interest from Apollo Global Management and JPMorgan Chase & Co.’s ...