Ares Management closed its second junior capital direct lending fund, Ares Private Credit Solutions II, at $5.1 billion.
The oversubscribed fund closed above its fundraising target of $4 billion, according to a news release issued Monday.
The first fund in the series, Ares Private Credit Solutions, closed at $3.4 billion in 2017, above its $2.5 billion fundraising target.
Investors in the second fund include the $98 billion Virginia Retirement System, Richmond, and the $17.8 billion Ohio School Employees Retirement System, Columbus.
Ares spokeswoman Priscila Roney could not be immediately reached for further information.