Ares Management had $148.6 billion in assets under management as of March 31, down 0.2% from three months earlier but up 8.7% from a year earlier, the alternative investment firm announced in its earnings report Wednesday.
Ares attributed the increase over the 12-month period to fundraising, primarily in the areas of U.S. direct lending and syndicated loans.
Ares' largest business by AUM is credit with $112.5 billion in assets as of March 31, up 1.8% from Dec. 31 and up 11.3% from March 31, 2019. Private equity AUM totaled $22 billion, down 12.7% from three months earlier and down 8.8% from a year earlier. Real estate AUM was $14.1 billion, up 6.8% from Dec. 31 and up 19.5% year-over-year.
GAAP management fees were $263.8 million in the first quarter, compared with $265.3 million in the fourth quarter and $224.7 million in the first quarter of 2019. Administrative, transaction and other fees were $10.4 million for the first quarter, up from $2.5 million for the prior quarter and $9.7 million in the year-earlier quarter.