Ares Capital increased commitments under its revolving credit facility to approximately $4.8 billion and extended the final maturity date. The facility is led by JP Morgan, Bank of America, Truist, MUFG Bank, SMBC and Wells Fargo and includes a total of 39 lenders.
Mary Beth Henson joined Ares Capital’s board of directors as an independent director. Henson served as CFO at the National Audubon Society, a nonprofit dedicated to protecting birds and their habitats, from 2013 until 2021.
New financing commitments made across Ares Management’s U.S. direct lending strategies more than doubled to $33.4 billion in 2021 compared with 2020.
Jeffrey Hughes joined Ares Management’s credit group to lead the firm’s new effort in sourcing and managing privately placed investment grade credit investments.
Ares Management closed Ares Senior Direct Lending Fund II. The fund is more than 2.6 times the size of its 2018 predecessor fund of $3 billion. Including anticipated leverage, the total capital base for the fund is expected to be approximately $14 billion.
Ares Management closed Ares Private Credit Solutions II (APCS II). APCS II was oversubscribed, gaining $5.1 billion of commitments compared with its $4 billion target, and is approximately 50% larger than its 2017 predecessor fund.
Ares Management, a global alternative investment manager, closed its fifth commingled European direct lending fund, Ares Capital Europe V (ACE V), at €11 billion ($13.34 billion). According to Ares, this represents the largest European direct lending fund raised to date.
Ares Management closed its Ares Pathfinder Fund, L.P. With $3.7 billion in total commitments closed, the fund was significantly oversubscribed at its hard cap and exceeded its original target of $2 billion.
Ares Management won four awards from Private Debt Investor and Private Equity International, including Global Fund Manager of the Year, BDC of the Year (Americas), Distressed Debt Investor of the Year (Asia- Pacific) and Lender of the Year (North America).
In Q3/20, Ares Capital made $706 million in new investment commitments, of which $447 million were funded, including nine new portfolio companies and 15 existing portfolio companies. Of the $706 million in new commitments made during Q3/20, 94% were in first lien senior secured loans.