Key Takeaways
- • Ares Management reported $596 billion in assets under management as of September 30, 2025, representing 4% sequential growth and 28% year-over-year expansion, demonstrating sustained momentum across its alternative investment platform.
- • Secondaries business drove significant performance, with the firm's Credit Secondaries strategy raising approximately $7.1 billion in capital, including $4 billion in equity commitments that doubled the original $2 billion fundraising target for its inaugural closed-end fund.
- • Strong quarterly fundraising activity across multiple strategies underscores robust institutional and private wealth demand for Ares' private markets offerings, positioning the firm for continued AUM expansion toward its $100 billion private wealth target by 2028.
- • Secondaries AUM reached $42.1 billion as of year-end 2025, reflecting the strategic importance of this business line to Ares' growth trajectory and capital deployment capabilities.
Summary
Ares Management Corporation reported $596 billion in assets under management as of September 30, 2025, marking a significant milestone in the firm's growth trajectory. The figure represents a 4% sequential increase from the prior quarter and a 28% year-over-year expansion, according to Pensions & Investments. This performance reflects sustained institutional and alternative investment market demand for Ares' diversified suite of private markets strategies spanning credit, private equity, and real estate.
The primary driver of AUM growth during the quarter was robust activity in Ares' secondaries business and broader fundraising momentum. The firm's Credit Secondaries strategy proved particularly strong, raising approximately $7.1 billion of capital inclusive of its inaugural Ares Credit Secondaries Fund, affiliated vehicles, and anticipated leverage. Notably, the fund's equity commitments reached $4 billion, exceeding the original $2 billion target by 100%—a testament to institutional appetites for exposure to secondaries in the current market environment. This represented Ares' largest inaugural fundraise to date for a credit secondaries vehicle.
The secondaries platform has emerged as a strategic growth engine for Ares. The firm's secondaries AUM reached $42.1 billion as of year-end 2025, a substantial expansion from historical levels, reflecting both organic fundraising success and acquisition-driven growth. CEO Michael Arougheti has emphasized that Ares is "well positioned" in the growing credit secondaries market, a thesis supported by both capital raised and deployment velocity.
Beyond secondaries, Ares continues to execute on its broader private wealth expansion strategy. The firm manages approximately $25 billion in assets across semi-liquid pools and has targeted $100 billion in private wealth AUM by 2028, underscoring ambitions to deepen relationships with high-net-worth clients and family offices seeking diversified alternative investment exposure. The combination of strong fundraising, fee-generating AUM growth, and strategic product development positions Ares to sustain momentum into 2026.
The primary driver of AUM growth during the quarter was robust activity in Ares' secondaries business and broader fundraising momentum. The firm's Credit Secondaries strategy proved particularly strong, raising approximately $7.1 billion of capital inclusive of its inaugural Ares Credit Secondaries Fund, affiliated vehicles, and anticipated leverage. Notably, the fund's equity commitments reached $4 billion, exceeding the original $2 billion target by 100%—a testament to institutional appetites for exposure to secondaries in the current market environment. This represented Ares' largest inaugural fundraise to date for a credit secondaries vehicle.
The secondaries platform has emerged as a strategic growth engine for Ares. The firm's secondaries AUM reached $42.1 billion as of year-end 2025, a substantial expansion from historical levels, reflecting both organic fundraising success and acquisition-driven growth. CEO Michael Arougheti has emphasized that Ares is "well positioned" in the growing credit secondaries market, a thesis supported by both capital raised and deployment velocity.
Beyond secondaries, Ares continues to execute on its broader private wealth expansion strategy. The firm manages approximately $25 billion in assets across semi-liquid pools and has targeted $100 billion in private wealth AUM by 2028, underscoring ambitions to deepen relationships with high-net-worth clients and family offices seeking diversified alternative investment exposure. The combination of strong fundraising, fee-generating AUM growth, and strategic product development positions Ares to sustain momentum into 2026.
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