Scott Graves, a partner and co-head of Ares Management's $39.1 billion private equity business, will be leaving the firm March 1, a spokesperson said.
Graves is also a portfolio manager as well as head of the firm's special opportunities strategy.
Matt Cwiertnia, a partner and currently co-head of the private equity group, will head the team. Private equity is Ares' third-largest business behind real assets, which has $65.4 billion in assets under management.
Aaron Rosen and Craig Snyder, both partners and co-portfolio managers of special opportunities, will co-lead the business beginning March 31 when the strategy moves to become part of Ares' $285 billion credit business, the firm's largest, from private equity.
Ares special opportunities is made up primarily of credit strategies, the spokesperson said. Also on March 31, Ares $14.6 billion special opportunities strategy will be renamed opportunistic credit. The business will continue to offer flexible debt and non-control equity strategies to both private and public companies.
Ares Management had $419 billion in total assets under management as of Dec. 31.
