Ares Management closed its fifth global flexible capital private equity fund, Ares Corporate Opportunities Fund V, at $7.85 billion, said spokesman Bill Mendel.
The fund’s initial target was $6.5 billion. It hit its $7.85 billion hard cap, which includes a $250 million general partner commitment.
The fund will make opportunistic investments primarily in North America and Europe. The fund is flexible in that it can make a wide range of investments from leveraged buyout to rescue capital and distressed investments.
Investors in the fund include the $175 billion Florida State Board of Administration, Tallahassee; Nebraska Investment Council, Lincoln, which oversees $22 billion in assets; $19.8 billion New Mexico State Investment Council, Santa Fe; $18.2 billion Los Angeles Fire & Police Pension System; and $11.1 billion New Mexico Educational Retirement Board, Santa Fe.