Ares’ War Chest Swells to Record $133 Billion on Fundraising (1)

Demand for credit investments drove Ares Management Corp.’s fundraising to a record in 2024, boosting the firm’s war chest to $133 billion — its biggest ever.

Ares raised $92.7 billion in new capital last year, a 25% increase from the prior year, according to a statement announcing quarterly and full-year earnings on Wednesday. Managed assets jumped 16%, with commitments to direct lending and opportunistic credit funds charging the growth.

With the record fundraise, the Los Angeles-based firm is sitting on $133 billion of dry powder, positioning managers to invest opportunistically across different assets, Chief Financial Officer Jarrod Phillips said ...