Ares Management closed its latest direct lending fund, $8 billion Ares Senior Direct Lending Fund II, which was oversubscribed and exceeded its $4.5 billion initial fundraising target, a spokesman said in an email.
The new fund is 167% larger than its predecessor, the $3 billion Ares Senior Direct Lending Access Fund, which closed in 2018.
Investors in the fund include the $488.6 billion California Public Employees' Retirement System, Sacramento; $11.5 billion Alameda County Employees' Retirement Association, Oakland, Calif.; $7.2 billion Philadelphia Board of Pensions and Retirement; and $1.1 billion Merced County (Calif.) Employees' Retirement Association.
