Ares Sticking to New Wealth Targets Despite Credit Jitters

Ares Management Corp. remains confident it can raise $125 billion from wealth clients by 2028, even as the broader private credit market grapples with redemptions from individuals.

The alternative asset manager is sticking to its goal set in September to raise its fundraising target for wealth by $25 billion, Chief Executive Officer Mike Arougheti told analysts Friday after the firm reported first-quarter results.

Most of the redemption requests in Ares’ non-traded business development company — a type of private credit fund for retail investors — came from smaller family offices and some institutions outside the US and not well-advised, high-net-worth ...