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 of 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. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC, and a registered investment adviser. It includes drawn and undrawn amounts, including certain amounts that are subject to regulatory leverage restrictions and/or borrowing base restrictions. AUM amounts are as of March 31, 2014 and are unaudited. Certain amounts are preliminary and remain subject to change, and differences may arise due to rounding.