Ares raises record $36B as private credit demand holds firm
What's the deal? Ares ManagementDealroom has a profile for this one. Try Dealroom → raised a record $36 billion in the second quarter of 2026, its best fundraising period ever, as institutional investors kept pouring money into private credit. The firm's assets under management jumped 17% to $671.3 billion.
Why now? Institutional investors such as pension funds allocate capital with a long-term view and stay patient through volatile stretches. That helped cushion a slowdown in the wealth-management channel, even as private credit drew negative headlines through the first half of 2026.
By the numbers: Credit strategies drove inflows, attracting $23.7 billion, while the real assets division raised $9.7 billion. Ares' flagship asset-backed finance fund pulled in $8.5 billion during the quarter.
Fee-related revenue rose 20% year on year to $491.1 million. Much of Ares' profit comes from fees on the assets it manages, giving it a more stable, predictable income stream.
What's the endgame? Ares has widened its investor base, more than tripling its number of direct institutional investors since 2019. "Our clients continue to entrust us with their capital based on the strong and consistent performance of our funds across all strategies," said chief executive officer Michael AroughetiDealroom has a profile for this one. Try Dealroom →.
What could go wrong? Dealmaking stayed slightly muted during the quarter, as geopolitical uncertainty weighed on sponsor-backed mergers and acquisitions. Ares still deployed $35.9 billion, backed a debt financing of more than $1.7 billion for KSL Capital PartnersDealroom has a profile for this one. Try Dealroom →' acquisition of Invited Clubs, and pointed to a record investment pipeline.
The signal: The results place Ares among the top fundraisers in alternative assets, as institutional capital shifts toward larger, well-established managers. With dry powder at a record $170 billion, Ares says it is seeing "a significant pickup" in its enterprise-wide pipeline.
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Image credit: GeorgeTan#1
