Ares Management completed its acquisition of American Capital on January 3, increasing its total assets from $9.1 billion to approximately $12.3 billion on a pro forma basis as of September 30, 2016, including a pro forma investment portfolio of $11.8 billion and 314 portfolio companies and cash of $200 million.

Ares Management provided financial support for the transaction through its subsidiary Ares Capital Management, the company’s external manager, including approximately $275 million in cash at closing and the future waiver of up to $10 million per quarter of ARCC’s Part I income based fees for 10 calendar quarters, beginning in Q2/17, to the extent earned and payable by ARCC in each such quarter.

“This transaction is highly strategic and financially attractive to Ares Management as it helps us build upon our industry-leading franchise as a middle market direct lender. Whether investors come to Ares as shareholders in ARCC, through commingled funds or as part of a separately managed account, we believe that our market leadership, scaled platform in both the U.S. and Europe, and consistent performance in the sector will continue to add meaningful long-term value to our company and its unitholders,” said Tony Ressler, chairman and CEO of Ares Management.

Los Angeles-based Ares Management is a publicly traded, global alternative asset manager with approximately $100 billion of assets under management as of September 30, 2016, pro forma for Ares Capital’s acquisition of American Capital, and more than 15 offices in the U.S., Europe and Asia.