Ares Management

Historical Timeline

• 1997 — Founded by Michael Arougheti, David Kaplan, and John Kissick
• 2000s — Builds credit investment platform
• 2010s — Expands into private equity and real estate
• 2014 — Goes public on NYSE
• 2020s — Becomes leading private credit manager
• 2024 — AUM exceeds $400B; private credit dominates

Business Model

Alternative asset management: credit (direct lending, mezzanine, distressed), private equity, and real estate. Revenue from management fees, performance fees, and advisory fees.

Competitive Moat

Leading position in private credit — the fastest-growing alternative asset class. Deep relationships with middle-market companies that traditional banks no longer serve.

Key Data

AUM: $400B+ (2024); Founded: 1997; HQ: Los Angeles; Ticker: ARES (NYSE); Credit: ~70% of AUM

Interesting Facts

Ares was one of the first firms to build a dedicated private credit platform. As traditional banks retreated from middle-market lending after 2008, Ares filled the gap.