Ares Management's assets under management totaled $79.2 billion as of June 30, up 2.8% from March 31 and up 30.1% from June 30, 2013, said the alternative investment firm's second-quarter earnings report.
Management fee revenue totaled $143.4 million for the quarter, up 26.7% from the year earlier.
Economic net income was $75.1 million for the quarter ended June 30, up from $18.2 million for the second quarter of 2013.
Because Ares was not a public company until May, it reported the historical financial results of its operating subsidiaries.
Ares attributed the increase in assets under management during the year primarily to $19.4 billion of new fund commitments and the addition of $6.1 billion in assets from the AREA Property Partners acquisition in July 2013.
The new fund commitments for the year totaled $8.8 billion to Ares' leveraged loan funds, made up of $2.3 billion in equity commitments and $6.5 billion in debt commitments; $5 billion to its direct lending funds, made up of $1.9 billion in equity commitments and $3.1 billion in debt commitments; $2.2 billion to Ares' real estate funds, made up of $1.2 billion in equity commitments and $1 billion in debt commitments; $2.1 billion in new commitments to its alternative credit funds, made up of $2 billion in equity commitments and $100 million in debt commitments; and $1.4 billion in equity commitments to its high-yield funds.
However, the increase in AUM during the year was partially offset by $5.8 billion in capital reductions, including $5.6 billion attributable to the tradable credit group. Distributions for the 12 months ended June 30 totaled about $4.6 billion, of which $1.6 billion was attributable to the real estate group, $1.1 billion to the tradable credit group, $1 billion to the private equity group and $845 million to the direct lending group.