Ares Management is on course to raise more than $80bn from investors this year, a record sum for the credit-focused investment group, its chief executive predicted on Friday. Michael Arougheti, the head of the $464bn asset manager, said the investment group was benefiting from “heightened demand” for its funds from both institutional and retail investors, who have been drawn to the high yields on offer in private credit.
The race in the private investment world has manifested in a spate of dealmaking by firms looking to bulk up in private credit, insurance and infrastructure, and in turn, credit-focused shops looking to broaden their businesses. Investment manager Blue Owl in the third quarter bought insurer Kuvare and asset-backed lender Atalaya. BlackRock closed its $12.