Private-Equity Firm Ares Explores IPO

Oct 28 2013 | 12:20pm ET

Ares Capital Management co-founder Antony Ressler is preparing to join his brother-in-law in the public markets.

Ressler, whose sister is married to Apollo Global Management chief Leon Black, and who used to work at the private-equity giant himself, is planning an initial public offering for his firm. The New York Post reports that Los Angeles-based Ares has picked JPMorgan Chase to serve as underwriter, although the firm insists that it has "not hired an investment bank for a potential IPO."

Ares, which has $66 billion in assets, would seek a valuation of more than $4 billion—the valuation set by its sale of a 6.25% stake to insurer Allegheny Corp. in July. Ressler and fellow Apollo alum John Kissick founded Ares in 1997.

Proceeds from the IPO would go towards international expansion, with Western Europe a focus.

The firm is not a stranger to the world of IPOs, having earlier listed its Ares Capital Corp. subsidiary. Should the listing fail to go forward, Ares is expected to sell additional minority stakes to raise capital.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note