Money Management

Ares Management recruits partner for private equity group

Scott Graves was named a partner in Ares Management's private equity group.

Mr. Graves was also named head of distressed debt and a portfolio manager for Ares' special situations platform, said a news release from the alternative investment firm.

Mr. Graves will oversee special situations investments and expand Ares' distressed capabilities. He will also become a member of the firm's special situations committee and a member of the committee that oversees the Ares Corporate Opportunities Fund series.

Previously, Mr. Graves was managing director and head of credit strategies at Oaktree Capital Management (OAK). Oaktree announced in September that Mr. Graves was leaving at the end of the year to pursue other opportunities and that his responsibilities would be assumed internally by Bruce Karsh, co-chairman and chief investment officer.

Ares had roughly $100 billion in assets under management as of Sept. 30, which included projected assets from the firm's acquisition of American Capital, which closed Jan. 3.

An Ares spokesman could not immediately provide additional information.