Ares Management reported $207.2 billion in assets under management as of March 31, up 5.1% to $197 billion from the prior quarter and a 39.4% increase year over year.
Michael Arougheti, co-founder, CEO and president, said Thursday on a conference call with analysts that most of the increase in AUM during the year was due to fundraising; the initial public offering of Ares' special purpose acquisition company, Ares Acquisition Corp.; and the acquisitions of Asian money manager SSG Capital Holdings and F&G Reinsurance, a life and annuity reinsurer.
Ares raised $10 billion in the first quarter, Mr. Arougheti said. Ares executives are very pleased with the fundraising, which attracted 50 new investors, he added.
Ares reported $56.8 billion in available capital, which is also called dry powder, as of March 31, up from $56.3 billion as of Dec. 31 and $33.2 billion as of the end of the year-earlier quarter. During the year, Ares raised capital in its U.S. and European direct lending businesses, including €11 billion ($13.3 billion) for Ares Capital Europe V, which held its final close Thursday, after the reporting period, and its alternative credit fund, $3.7 billion from its Ares Pathfinder Fund, $1 billion from the IPO of its SPAC and $100 million from its insurance business.
During a question and answer period, Mr. Arougheti said that Ares' general partnership commitment in its funds tends to be 1% of committed capital.
"We are committed to a balance sheet-lite model," he said.