Ares Management has capped redemptions from its flagship Ares Strategic Income Fund after investors sought to withdraw more than $1.5bn during the second quarter, according to a report by the FT.
The nearly $11bn fund received redemption requests equivalent to 14.4% of net asset value, up from 11.6% in the first quarter. In line with the fund’s liquidity provisions, Ares honoured redemptions up to its 5% quarterly limit, satisfying just over a third of the requests.
The firm said the withdrawals...
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