Ares operates four distinct but complementary investment groups that invest in the tradable credit, direct lending, real estate and private equity markets and have the ability to invest in all levels of a company’s capital structure—from senior debt to common equity. Public entities managed by affiliates of Ares include Ares Capital Corporation (“ARCC”), one of the largest business development companies, Ares Commercial Real Estate Corporation (“ACRE”), a real estate investment trust, and certain publicly listed funds that allow retail investors to access the expertise of the Ares platform.
(1) Ares Management, L.P. is the parent to several registered investment advisers, including Ares Management LLC. AUM refers to the assets of the funds, alternative asset companies and other entities and accounts that are managed or co-managed by Ares, including funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation (“ARCC”), and a registered investment adviser. Amounts include drawn and undrawn commitments, including certain amounts that are subject to regulatory leverage restrictions and/or borrowing base restrictions. AUM amounts are as of December 31, 2014 and pro forma for Ares Management’s acquisition of Energy Investors Funds (“EIF”), which closed on January 1, 2015 and is included in the Private Equity Group. AUM differences may arise due to rounding.
(2) Includes approximately $4 billion of AUM as of December 31, 2014 from the acquisition of EIF on January 1, 2015.