Ares Raises More Than $9.8 Billion For Opportunistic Credit Fund

Ares Management Corporation (NYSE:ARES) has closed on more than $9.8 billion for its Opportunistic Credit strategy. This includes the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transactions. ASOF III, with more than $8.3 billion in equity commitments, has surpassed its target and the size of its previous fund. This fund is now one of the largest pools of private capital dedicated to opportunistic credit, the company said in a press release. The strategy focuses on working with middle-market companies to provide flexible capital solutions, to support both organic and inorganic growth, refinancing, and returning capital to shareholders. ASOF III aims to fill the gap between traditional corporate lending and private equity by offering private debt, equity, and hybrid solutions. "For nearly 10 years, we have scaled our Opportunistic Credit platform to deliver bespoke capital solutions to a broad set of middle-market businesses, and we look forward to continuing to execute on our strategy for the benefit of our portfolio companies and Limited Partners," said Aaron Rosen, Co-Head of Opportunistic Credit. According to Craig Snyder, Co-Head of Opportunistic Credit, current market volatility is creating "a pipeline of attractive opportunities" for disciplined managers. He emphasized the strategy’s ability to invest across private and public entities, leveraging Ares’ extensive sponsor network and data-driven insights to generate risk-adjusted returns. The Opportunistic Credit team at Ares comprises 33 investment professionals, including partners Rosen, Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, each with an average of 21 years of industry experience. Since its inception, the strategy has deployed more than $17 billion, realizing more than $11 billion with minimal losses. This strategy is part of Ares’ broader global Credit platform, one of the largest direct lenders in the U.S. and Europe, with over $405 billion in assets under management as of Dec. 31, 2025. Ares and Antares Capital also recently announced the completion of their second continuation vehicle, securing commitments exceeding $1.7 billion. The new vehicle is intended to acquire assets from a closed-end private credit fund, consisting of over 300 first lien, floating rate loans that Antares originated and manages, a press release stated. Photo: Shutterstock