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.
During Q2/20, Ares Capital made $867 million in new investment commitments, of which $741 million were funded, including five new portfolio companies and 17 existing portfolio companies. Of the new commitments, 69% were in first lien senior secured loans.
J.P. Morgan led a syndicate of 37 bank participants in increasing and extending Ares Capital’s revolving credit facility. The facility was increased by $240 million to $3.6 billion and the final maturity date was extended to March 30, 2025.
Ares Management has appointed Kipp deVeer to its board of directors, effective immediately. Concurrently, John Kissick, now a retired co-founder of Ares, is stepping down from the board.
Ares Management closed its inaugural, commingled U.S. senior direct lending fund with approximately $3 billion in total commitments, a significant oversubscription of its initial $2 billion target.
Ares Capital purchased the remaining loans of the Senior Secured Loan Fund, effectively concluding the joint venture with GE.