Ares Management Corp. has signed an agreement to acquire full ownership of Asia-focused private equity firm Crescent Point Capital, according to a statement on Monday.
Ares, which had $360 billion in AUM as of March 31, declined to provide additional comment on the acquisition, including the purchase price.
The transaction is expected to be completed in the third quarter of 2023, subject to customary conditions such as regulatory approvals, the statement said.
Crescent Point Capital is a private equity company with offices in Singapore, Shanghai, Jakarta, Ho Chi Minh City and Manila, that focuses on Chinese and Southeast Asian consumer businesses. The firm had $3.8 billion in AUM as of March 31.
The deal is part of Ares' plans for global expansion and offers growth potential for the firm through dedicated Asia-Pacific private equity strategies, the statement said.
"We believe that (Crescent Point Capital) will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region," Edwin Wong, partner and head of Ares Asia, said in the statement.
"The expansion of our local capabilities will also strengthen our position as a creative solutions provider to management teams and sponsors in the market," he said.
The acquisition will also help Crescent Point Capital to grow by providing it with greater access to capital, market intelligence, transaction opportunities and investor relationships, the statement said.