Ares Management attracted $29.5 billion in investor commitments during the first quarter, pushing assets under management to $644 billion. The Los Angeles-based firm drew nearly $20 billion in equity commitments and $9.8 billion in leverage, surpassing Wall Street forecasts despite a slowdown in its core private credit business.

The company's diversification strategy paid off with $5 billion raised across real estate strategies and $1.2 billion in infrastructure funds. CEO Michael Aroughetti attributed the success to broad-based investor demand, though wealthy clients pulled back from private credit funds due to AI concerns affecting tech investments.

Management fees climbed over 20% to nearly $1 billion in the quarter, slightly missing projections. Analysts project Ares will reach nearly $700 billion in assets by year-end, potentially surpassing Aroughetti's $775 billion 2028 target a year ahead of schedule.