Ares Management on Thursday closed its junior capital direct lending fund, the $3.4 billion Ares Private Credit Solutions, exceeding its $2.5 billion fundraising target in less than a year, said Bill Mendel, spokesman, in an email.
Sixty percent of the 50 investors in the fund are new clients for Ares.
The fund will make second lien and other junior loans to upper-middle-market companies, focusing on private equity-backed deals. The fund began investing in April and has already called 20% of investor capital.
Investors include the $77 billion Virginia Retirement System, Richmond.