Ares Management has raised approximately $7.1 billion for its first private credit secondaries fund, signalling a rapid growth phase in a niche that’s transforming private capital markets, alongside increasing interest from institutional investors.
Ares Management has secured roughly $7.1 billion of capital for its inaugural private credit secondaries strategy, underscoring the rapid expansion of a niche that is becoming one of the fastest-growing segments of private capital, according to Bloomberg.
Ares said the Ares Credit Secondaries Fund (ACS) closed with about $4 billion of limited partner equity commitments, doubling an initial $2 billion target, and that the total $7.1 billion figure includes affiliated vehicles, an anticipated level of leverage and a $1 billion joint venture anchored by Mubadala Investment Company. The firm’s head of credit secondaries, Dave Schwartz, said Ares oversees more than $595 billion in assets. Investing.com and Benzinga similarly reported the fund’s final close and the doubling of its equity target.
The strategy will concentrate on senior secured direct lending exposure, targeting private credit portfolios through continuation funds and LP portfolio sales. Ares said it expects a strong pipeline of transactions in 2026, driven by continuing demand for liquidity and a wave of large LP portfolios and continuation vehicles coming to market.
Industry data show private credit secondaries have shifted from a small subset of the broader secondaries market to a rapidly expanding category. Evercore forecast that deal volumes in the space could exceed $50 billion within two to three years, up from about $6 billion in 2023, reflecting growing LP demand for tailored liquidity solutions and managers’ interest in recycling capital.
Ares is not alone. Coller Capital raised $6.8 billion for its last private credit secondaries vehicle, while Pantheon and HarbourVest Partners are among other managers marketing or launching credit-secondaries products, including evergreen structures aimed at institutional investors. According to the announcement of the Ares–Mubadala joint venture in March 2023, the partnership was initially set to deploy approximately $1 billion and leans on Ares’ global Credit and Secondaries platforms to scale opportunities.
The rise of credit secondaries responds to two converging trends: an expanded private credit market with large, heterogeneous loan and direct-lending portfolios, and institutional investors seeking liquidity without realising discounts on long‑dated holdings. Market participants say the segment’s attraction lies in access to floating‑rate, senior‑secured exposures acquired at negotiated pricing and the ability to acquire stakes in continuation vehicles structured with sponsor cooperation.
While managers tout the opportunity, the space also presents operational and valuation complexities. Continuation vehicles and LP portfolio transactions require detailed diligence on underlying credit quality, alignment with general partners and careful structuring to manage leverage and liquidity. Industry sources note that competition among specialist buyers and generalist asset managers has already pushed pricing dynamics and will influence returns as deal flow scales.
Ares characterised the ACS close as evidence of investor appetite for dedicated credit‑secondaries allocation; industry reports and comparable fundraises by peers suggest the segment is entering a more institutionalised phase of growth.
- https://www.privateequitywire.co.uk/ares-raises-7-1bn-for-debut-credit-secondaries-fund/ – Please view link – unable to able to access data
- https://www.mubadala.com/en/news/ares-management-and-mubadala-announce-creation-joint-venture/ – In March 2023, Ares Management Corporation and Mubadala Investment Company announced the formation of a joint venture to invest in global credit secondaries opportunities. The venture, anchored by Mubadala, initially aimed to deploy approximately $1 billion, capitalising on the anticipated growth and demand for customised liquidity solutions in the credit secondaries asset class. This partnership leverages Ares’ established global Credit and Secondaries investment platforms, which had approximately $214 billion and $22 billion in assets under management as of December 31, 2022. ([mubadala.com](https://www.mubadala.com/en/news/ares-management-and-mubadala-announce-creation-joint-venture/?utm_source=openai))
- https://www.investing.com/news/company-news/ares-raises-71-billion-for-credit-secondaries-strategy-93CH-4444140 – On January 13, 2026, Ares Management Corporation announced it had raised approximately $7.1 billion for its Credit Secondaries strategy. This includes the final closing of its inaugural Ares Credit Secondaries Fund (ACS), which secured approximately $4 billion in limited partner equity commitments, doubling its $2 billion target. The total capital raised also includes affiliated vehicles and anticipated leverage. Ares stated that ACS is now the largest dedicated institutional credit secondaries fund globally based on limited partner equity commitments. ([investing.com](https://www.investing.com/news/company-news/ares-raises-71-billion-for-credit-secondaries-strategy-93CH-4444140?utm_source=openai))
- https://www.benzinga.com/news/financing/26/01/49893798/ares-raises-over-7-billion-for-credit-secondaries-strategy-doubling-target/ – Ares Management Corporation announced on January 13, 2026, that it has raised over $7 billion for its Credit Secondaries strategy, including the final closing of its inaugural Ares Credit Secondaries Fund (ACS). The fund secured approximately $4 billion in limited partner equity commitments, doubling its initial $2 billion target. Ares aims to construct a diversified portfolio of predominantly senior secured, private equity-backed, and floating-rate private credit portfolios by allocating across LP-led and continuation vehicle transactions in collaboration with asset managers. ([benzinga.com](https://www.benzinga.com/news/financing/26/01/49893798/ares-raises-over-7-billion-for-credit-secondaries-strategy-doubling-target/?utm_source=openai))
- https://www.kirkland.com/news/press-release/2023/03/kirkland-advises-ares-on-jv-with-mubadala-to-invest-in-global-credit-secondaries – Kirkland & Ellis LLP advised Ares Management Corporation on its joint venture with Mubadala Investment Company to invest in global credit secondaries opportunities. The joint venture, anchored by Mubadala, initially aimed to deploy approximately $1 billion, capitalising on the anticipated growth and demand for customised liquidity solutions in the credit secondaries asset class. This partnership leverages Ares’ established global Credit and Secondaries investment platforms, which had approximately $214 billion and $22 billion in assets under management as of December 31, 2022. ([kirkland.com](https://www.kirkland.com/news/press-release/2023/03/kirkland-advises-ares-on-jv-with-mubadala-to-invest-in-global-credit-secondaries?utm_source=openai))
- https://www.thenationalnews.com/business/2023/03/22/mubadala-and-ares-form-joint-venture-to-invest-in-secondary-private-credit-market-deals/ – In March 2023, Ares Management Corporation and Mubadala Investment Company formed a joint venture to invest in global secondary market private credit opportunities. The venture, anchored by Mubadala, initially aimed to invest about $1 billion, capitalising on the anticipated growth and substantial demand for customised liquidity solutions in the credit secondaries asset class. This partnership enhances Mubadala’s positioning within the secondaries credit market and enables Ares to significantly scale its offering. ([thenationalnews.com](https://www.thenationalnews.com/business/2023/03/22/mubadala-and-ares-form-joint-venture-to-invest-in-secondary-private-credit-market-deals/?utm_source=openai))
- https://www.businesswire.com/news/home/20230321005930/en/Ares-Management-and-Mubadala-Announce-the-Creation-of-a-Joint-Venture-to-Invest-in-Global-Credit-Secondaries-Opportunities – Ares Management Corporation and Mubadala Investment Company announced the formation of a joint venture to invest in global credit secondaries opportunities. The joint venture, anchored by Mubadala, initially aimed to deploy approximately $1 billion, capitalising on the anticipated growth and substantial demand for customised liquidity solutions in the credit secondaries asset class. This partnership leverages Ares’ established global Credit and Secondaries investment platforms, which had approximately $214 billion and $22 billion in assets under management as of December 31, 2022. ([businesswire.com](https://www.businesswire.com/news/home/20230321005930/en/Ares-Management-and-Mubadala-Announce-the-Creation-of-a-Joint-Venture-to-Invest-in-Global-Credit-Secondaries-Opportunities?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is fresh, with the earliest known publication date being January 13, 2026. No earlier versions with differing figures, dates, or quotes were found. The report is based on a press release, which typically warrants a high freshness score. No discrepancies or recycled content were identified.
Quotes check
Score:
10
Notes:
The direct quotes from Blair Jacobson and Dave Schwartz appear to be original, with no earlier matches found online. This suggests potentially original or exclusive content.
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, Ares Management Corporation, a global alternative investment manager with approximately $596 billion in assets under management as of November 20, 2025. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Ares_Management?utm_source=openai)) This enhances the credibility of the report.
Plausability check
Score:
10
Notes:
The claims about Ares Management raising $7.1 billion for its Credit Secondaries strategy are plausible and consistent with the company’s recent activities. The narrative aligns with Ares’ strategic focus on expanding its credit secondaries platform, as evidenced by their acquisition of Landmark Partners in 2021. ([ir.aresmgmt.com](https://ir.aresmgmt.com/assets/2024/06/vvDi5wZe-Ares-Investor-Day-2024.pdf?utm_source=openai)) The report also mentions the firm’s assets under management, which is consistent with publicly available information.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, with no recycled content or discrepancies identified. The quotes appear original, and the source is a reputable organisation. The claims are plausible and supported by consistent information. No paywalled content or distinctive content types were detected. Therefore, the content passes all checks with high confidence.