Asia-Pacific alternatives manager Ares SSG has closed its latest direct lending fund, SSG Secured Lending Opportunities III, at more than $1.6 billion.
The pan-Asian secured lending fund’s closing exceeded its original fundraising target of $1.5 billion, a spokeswoman said in an email. The previous fund in the series, Secured Lending Opportunities Fund II, closed at $800 million in 2017.
It is the manager's first closing of a secured lending fund since Ares Management acquired Hong Kong-based SSG Capital Holdings in 2020.
Investors include the $98 billion Virginia Retirement System, Richmond and the $34.5 billion San Francisco City & County Employees' Retirement System.
As of June 30, Ares SSG had about $7.5 billion in assets under management.