Private credit group Ares Management shrugged off market turmoil to secure the highest level of commitments to its flagship credit funds since 2023. In the three months to end‑June, the firm drew in $12.9bn of equity commitments, up more than 40 % from a year ago, and raised a better‑than‑expected $23.7bn of capital when leverage is included. The fundraising figures were bolstered by a strong reception to Ares’ latest $8.5bn esoteric credit fund, underscoring enduring institutional demand as the firm markets its flagship direct‑lending vehicle to pensions and sovereign wealth funds.

Industry peers such as Apollo, Blackstone and Black Rock’s HPS Investment Partners are all seeking to raise big funds, but the private‑credit market has been buffeted by fears of declining returns and an exodus of retail investors. Ares has responded by diversifying beyond its core franchise, buying the international arm of real‑estate manager GLP Capital Partners last year and reportedly discussing an acquisition of private‑equity specialist Leonard Green. Across all fund types, the group secured $22.2bn of equity commitments in the quarter, a figure that rises to $36.4bn when leverage is factored in.

Assets under management swelled to $671bn, slightly ahead of Wall Street forecasts, while management fees rose 14 % to $1.03bn and fee‑related earnings climbed a fifth to $491mn. CEO Michael Arouģhati called the bourgeois quarter a “record” and said the firm was seeing a “meaningful pick‑up” in its investment pipeline as it looks to deploy $170bn of dry powder.