Ares’ Direct Loan Fund Raises $8.7 Billion in Tough Environment

Ares Management Corp.’s latest European direct lending fund has raised $8.7 billion so far, according to an SEC filing, as the alternative asset manager seeks to build the largest investment vehicle of its kind in the face of a global slowdown in fundraising.

Launched last year, Ares Capital Europe VI reached its first close in recent weeks, according to people familiar with the matter, who weren’t authorized to speak publicly. Hitting that target means that the fund — which focuses exclusively on European investment opportunities — can now start putting capital to work as it continues to raise ...