Private Equity · Profile from Private Equity Research Companion
Ares Management
Los Angeles-founded global alternative investment manager, born in 1997 from the Apollo/Drexel lineage, that became the world's leading private-credit franchise. Its private equity, real estate, infrastructure and secondaries businesses sit around a credit-led core — anchored by Ares Capital Corporation (ARCC), the largest US business development company.
At a glance
- Founded
- 1997
- Founders
- Antony (Tony) Ressler, John Kissick, Bennett Rosenthal, David Kaplan (founding partners; Rosenthal and Kaplan joined in the early years — reported); Michael Arougheti joined in 2004 and is regarded as a co-founder of the modern firm
- HQ
- Los Angeles (corporate HQ later also New York; offices in 30+ cities)
- Listing
- NYSE: ARES (IPO May 2014 as a partnership; converted to a C-corporation in 2019)
- AUM
- ~$500bn+ (2025, company-reported; approximate)
- Business lines
- Credit (US & European direct lending, liquid credit, alternative credit/ABF, opportunistic credit), Private Equity (corporate opportunities, special opportunities), Real Assets (real estate equity & debt, infrastructure), Secondaries, Insurance (Aspida), Sports/Media/Entertainment
- Flagship vehicles
- Ares Capital Corp (ARCC); Ares Corporate Opportunities Funds (ACOF) I–VI; Ares Senior Direct Lending funds; Ares Capital Europe funds; Ares Special Opportunities funds
10 deals and moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2003
Samsonite
Recapitalisation of an Over-Levered Public Company
2010
Allied Capital
BDC Merger into Ares Capital
2010
Floor and Decor
Majority Growth Buyout
2012
99 Cents Only Stores
Take-Private with Founding Family
2012
Smart and Final
Secondary Buyout from Apollo
2013
CPG International AZEK
Secondary Buyout
2014
Guitar Center
Debt-for-Equity Control Acquisition
2017
American Capital
BDC Acquisition by Ares Capital
2021
Landmark Partners
GP Acquisition of a Secondaries Manager
2025
GCP International
GP Acquisition