Friday, 21 October 2016
Last updated 54 min ago
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.