Ares Raises $3.7 Billion for Sports, Media, Entertainment Fund

Ares Management Corp. said it raised $3.7 billion to invest in sports, media and entertainment, more than twice the $1.5 billion originally targeted.

The fund -- called Ares Sports, Media and Entertainment Finance -- includes total equity commitments of nearly $2.2 billion, according to a statement on Thursday. It has committed about $1 billion to 19 portfolio companies, including Atletico de Madrid, McLaren Racing and the San Diego Padres.

The firm will invest across the capital structure in both debt and equity. It doesn’t plan to take a majority stake in its investments, Mark Affolter, partner and ...