Ares Management closed its Ares Special Opportunities Fund at $3.5 billion.
The private debt fund well exceeded its $2 billion fundraising target, according to a news release Monday.
The firm's first special opportunities fund makes opportunistic investments in both private and public markets and partners with existing management teams "by embracing an 'activist for good' approach," according to the news release.
Investors include the $76.9 billion Virginia Retirement System, Richmond; $27 billion Pennsylvania State Employees' Retirement System, Harrisburg; and $20.5 billion Louisiana Teachers' Retirement System, Baton Rouge.
A spokesman for Ares Management could not immediately provide further information.