Key Takeaways
- • Ares Management raised a record $36.4 billion in fresh capital during Q2 2026, with assets under management reaching $671.3 billion, up 17% year-over-year, and fee-paying AUM at $409.9 billion.
- • A Japan industrial development fund contributed $1.8 billion in total commitments ($1.6 billion equity, $200 million debt), anchoring real estate strategies that collected $6.4 billion during the quarter and demonstrating strength in Asia Pacific logistics and digital infrastructure.
- • Real assets accounted for $9.7 billion of quarterly fundraising, including $3.3 billion for infrastructure, while credit business supplied $23.7 billion—underscoring Ares' diversified platform across property, infrastructure, and credit strategies.
- • The Japan vehicle is the fifth in an industrial development fund series inherited through Ares' $3.7 billion acquisition of GLP's ex-China fund business, which also expanded the firm's Asia Pacific logistics platform and data center developer Ada Infrastructure.
- • Ares deployed $35.9 billion during the quarter and ended the period with a record $170 billion in available capital, while fee-related earnings rose 20% year-over-year to $491.1 million, signaling strong capital deployment momentum.
Summary
Real assets contributed $9.7 billion to the quarterly fundraising total, including $3.3 billion earmarked for infrastructure investments. The credit business supplied the largest component at $23.7 billion, underscoring institutional investor appetite for diversified alternative credit strategies. A Japan industrial development fund emerged as a standout performer within the real estate segment, securing $1.6 billion in committed equity and $200 million in debt commitments. This vehicle represents the fifth in a series of industrial development funds that Ares acquired through its $3.7 billion purchase of GLP's ex-China fund business, a transaction that simultaneously expanded the firm's Asia Pacific logistics and digital infrastructure platform, including data center developer Ada Infrastructure.
Ares deployed $35.9 billion in capital during the period, concluding Q2 with a record $170 billion in dry powder available for future investment. CEO Michael Arougheti attributed the strong fundraising to the firm's "diverse global origination platform," which enabled continued deal activity despite a slower transaction environment. Management expects the Japan industrial fund to reach its hard cap later in 2026, indicating near-term completion of the vehicle. The combination of record capital raises, elevated deployment activity, and expanding fee-paying AUM demonstrates institutional confidence in Ares' ability to execute across multiple asset classes during a period of market consolidation and selective opportunity identification.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.