Ares Management Corp. had $142.1 billion in assets under management as of June 30, up 4% from the end of the prior quarter and 17.1% from the end of the year-earlier quarter, according to the alternative investment firm's earnings report released Wednesday.
Ares attributed the increase over the 12 months to strong fundraising, with $7.3 billion in gross capital commitments in the second quarter.
"Our second-quarter results highlight the strength and stability of our core financial metrics with AUM, management fees and fee-related earnings growing between 17% and 24% on a year-over-year basis," CEO Michael Arougheti said in a news release. "The strong growth in these metrics reflects our continuing fundraising success, steady deployment across the globe, quality fund performance and our expansion into new products."
Ares' credit business had $105.5 billion in assets as of June 30, up 4.4% from the quarter ended March 31 and $21.4 billion as of June 30, 2018. Private equity had $24.7 billion at the end of the second quarter, up 37.8% from March 31 and 4.7% as of June 30, 2018. Real estate had $11.9 billion at the end of the second quarter, flat from the end of the previous quarter and up 9.2% from the year-earlier quarter.