Tuesday, 5 May 2015
Last updated 4 hours ago
Jun 1 2007 | 11:27am ET
Ares Management is following in the footsteps of private equity brethren such as the Blackstone Group and the Carlyle Group in taking some cash off the table. The firm this week said it sold a minority interest to a “longstanding client” for up to $375 million.
But Ares’s management isn’t taking their newfound booty to the bank just yet. In fact, none of the proceeds from the sale will be paid to existing owners, according to the firm, which said that the new capital, along with available credit facilities, will be used to continue its global expansion. The firm counts such major institutional investors as the Canada Pension Plan Investment Board and California Public Employees' Retirement System among its clients.
"In this increasingly competitive investment environment, we believe that this additional capital better positions us for further growth and diversification, and serves the interests of investors in all of our complementary investment pools of capital" said Tony Ressler, a senior partner. "This is an exciting time in the development of Ares, as we are seeing significant benefits from our deal flow, due diligence and operational synergies from our three complementary lines of business."
Ressler and John Kissick, both former partners at Apollo Advisors, and Bennett Rosenthal, formerly from the global leveraged finance group at Merrill Lynch, founded Ares Management in 1997. Assets under management at Ares have grown from approximately $3 billion of committed capital five years ago to an expected $20 billion by the end of 2007.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…