Ares Management Closes $8 Billion Senior Direct Lending Fund

Ares Management Corporation closed its Senior Direct Lending Fund II with total equity commitments of about $8 billion, 80% more than its initial target, according to a statement published on Monday.

Including anticipated leverage, the starting capital for SDL II is expected to be about $14 billion, according to the statement. The latest announcement follows the alternative asset manager’s close of another of its private credit funds in October, which was also raised by Ares’ U.S. direct lending team, at $5.1 billion.

Non-bank lending continues to thrive even as other parts of the credit markets come under stress from the ...