Ares Grows Cash Pool as Demand for Private Lending Soars.

Ares Management Corp. saw a 17% increase in assets under management to $464 billion in the third quarter, driven by interest in US direct lending funds and recent private equity acquisitions. The firm brought in $1.1 billion in total revenue, raised $20.9 billion in gross new capital, and expects to close out fundraising this year with commitments in the mid-$80 billion range. Ares has capitalized on the growing interest in private credit, with a significant portion of funds dedicated to direct lending in the US and Europe. Additionally, the firm recently agreed to acquire GLP Capital Partners Ltd.'s operations outside of China, which will double Ares Real Estate's assets under management to about $96 billion across multiple regions. [Extracted from the article]