Ares Draws $3 Billion From Wealthy Investors to Buy PE Stakes

Ares Management Corp. raised more than $3 billion for a fund that allows wealthy individuals to buy discounted stakes in private equity funds and redeem their investments quarterly.

The Ares Private Markets Fund, which launched in 2022, invests in stakes backed by sponsors primarily in North America and Europe, the alternative asset manager said in a statement Thursday.

A global trade war has dampened an expected revival in dealmaking and asset sales, leaving many investors weighing their private equity strategies and opting to sell their stakes at discounts.

Deals had already stagnated over the past couple of years amid elevated ...