Ares Management's assets under management totaled $77 billion as of March 31, up 4% from Dec. 31 and up 26.9% from March 31, 2013, according to the alternative investment firm's first quarterly report since going public in May.
GAAP net income was $56.2 million for the three months ended March 31, down 24.6% from the three months ended March 31, 2013.
Since Ares was not a public company during the first quarter reporting period, it reported the financial results of its operating subsidiaries.
Ares attributed the increase in assets under management over the year primarily to $17 billion of new fund commitments and the addition of $6.1 billion in assets with the July acquisition of real estate money management firm AREA Property Partners.
New fund commitments included $7.6 billion to Ares tradable credit group's leveraged loan funds, made up of $1.9 billion of new equity commitments and $5.7 billion of new debt commitments; $741 million in new equity commitments to the tradable credit group's high-yield funds; $2.1 billion of new equity commitments to the tradable credit group alternative credit funds; $1.9 billion of new equity commitments and $2.9 billion of new debt commitments to the direct lending group; and $1.1 billion of new equity commitments and $771 million in new debt commitments for the real estate group.
The increase in assets under management was offset by $4.9 billion in capital reductions including $3.2 billion attributable to the tradable credit group, and $6 billion in distributions, of which $2.8 billion was from the tradable credit group and $1.3 billion from the real estate group.
