Ares Management and Australian multiboutique money manager Fidante Partners formed a joint venture to raise retail and institutional investor capital in Australia and New Zealand for Ares' credit, private equity and real estate strategies, according to a joint news release.
Fidante will provide retail and institutional investor distribution, local fund reporting and back-office administration for Ares' investment strategies, the news release said.
Ares and Fidante also formed a separate Sydney-based entity, Ares Australia Management, that will act as money manager for new investment vehicles structured for investors in Australia and New Zealand. According to SEC documents, Ares had $13.1 billion in assets under management in Asia and Australia as of Dec. 31. Ares had $130.7 billion in total AUM as of Dec. 31, with the largest amount, $49.4 billion, in North America.
Financial terms of the deals were not disclosed.
Ares spokesman Bill Mendel declined to comment beyond the news release. Michelle Taylor, CEO of people, corporate affairs and sustainability at Fidante Partners' parent company, Challenger Ltd., could not be immediately reached.