Ares Management has successfully closed its third opportunistic credit fund with close to $9.8 billion, reflecting strong institutional demand despite ongoing regulatory and transparency challenges in private credit markets.
Ares Management has completed fundraising for its third opportunistic credit vehicle and related transaction vehicles, securing just under $9.8 billion in capital, the firm and media reports show. The vehicle, Ares Special Opportunities Fund III, drew roughly $8.3 billion in equity commitments, with the remainder of the tally coming from co-investment vehicles, according to Ares and a Wall Street Journal report.
Ares launched the fund in May 2024 and recorded its first close in December 2024, surpassing an initial target of $7.1 billion. Major institutional investors accounted for a large portion of commitments: the California Public Employees’ Retirement System committed $1.5 billion, the Virginia Retirement System $275 million, and the Teachers’ Retirement System of Louisiana $150 million, the company said.
The strategy deploys across public and private credit, providing debt, preferred equity and hybrid instruments to middle-market businesses. It targets firms typically generating EBITDA in the $50 million to $250 million range that are navigating temporary stresses, such as higher borrowing costs or upcoming refinancings, or that may require operational or capital-structure work. Ares says it will also selectively buy stressed public corporate debt. Typical investment checks are described as ranging from about $150 million to $500 million and can be augmented by other pools within Ares’ platform.
Ares has already put more than $1.8 billion to work from the new fund, backing deals that include a roughly $1 billion preferred-equity commitment to FTAI Infrastructure to support its acquisition of the Wheeling & Lake Erie Railway and a preferred stake in Leaf Home, a combined direct-to-consumer home-improvement business alongside Apollo-led debt financing. The firm positions the strategy as a bridge between control-oriented private equity and conventional corporate lenders, offering bespoke capital solutions and opportunistic purchases of stressed credits.
The opportunistic credit effort sits inside Ares’ broader credit franchise. Company material and third‑party summaries note the strategy comprises 33 dedicated investment professionals and that, since its 2017 inception, it has deployed in excess of $17 billion and realised more than $11 billion in proceeds with a minimal realised loss ratio. Ares’ global credit platform had about $405 billion of assets under management and more than 560 credit specialists as of 31 December 2025, the firm reports.
The fundraising comes amid heightened scrutiny of private credit markets. According to the Wall Street Journal, regulators and some investors have been paying closer attention to the sector’s growth and use of illiquid instruments outside the public-bank system. Ares’ success in raising a large pool for opportunistic credit highlights continued institutional demand for flexible private capital, even as debates over transparency, liquidity and systemic risk in private credit persist.
Ares declined to provide forward-looking return targets for the fund beyond the strategic aims outlined in its materials. The firm also notes it may employ leverage selectively across the vehicle’s investments.
- https://www.privateequitywire.co.uk/latest-ares-opportunistic-credit-fund-attracts-nearly-10bn/ – Please view link – unable to able to access data
- https://www.aresmgmt.com/ – Ares Management is a global alternative investment manager offering clients primary and secondary investment solutions across credit, real estate, private equity, and infrastructure asset classes. The firm has raised over $9.8 billion for its Opportunistic Credit strategy, including the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transaction vehicles. With over $8.3 billion in equity commitments, ASOF III significantly exceeded its target and prior vintage fund size, representing one of the largest dedicated pools of private capital raised for opportunistic credit. The strategy leverages its scale and experience to partner with middle-market companies, providing flexible capital solutions to support organic and inorganic growth initiatives, refinance capital structures, and return capital to shareholders. ASOF III seeks to provide private debt, equity, and hybrid solutions that fill the gap between for-control private equity and more traditional corporate lending, while also opportunistically purchasing stressed public corporate credits. The Opportunistic Credit team comprises 33 dedicated investment professionals, including Partners Aaron Rosen, Craig Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, who average approximately 21 years of industry experience. Since inception, the strategy has deployed over $17 billion and generated over $11 billion of realized proceeds with a de minimis realized loss ratio. The Opportunistic Credit strategy is part of Ares’ broader global Credit platform, one of the most experienced and scaled direct lenders in the U.S. and Europe with over 1,000 sponsor relationships. Ares Credit has a more than 20-year track record investing across geographies, industries, and market cycles, with over $405 billion of assets under management and more than 560 dedicated investment professionals, as of December 31, 2025.
- https://www.marketscreener.com/news/ares-raises-over-9-8-billion-for-leading-opportunistic-credit-strategy-ce7e51ded08ff124 – Ares Management Corporation has closed on over $9.8 billion of capital for its Opportunistic Credit strategy, including the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transaction vehicles. With over $8.3 billion in equity commitments, ASOF III significantly exceeded its target and prior vintage fund size, representing one of the largest dedicated pools of private capital raised for opportunistic credit. The Opportunistic Credit strategy leverages its scale and experience to partner with middle-market companies and provide flexible capital solutions to support organic and inorganic growth initiatives, refinance capital structures, and return capital to shareholders. ASOF III seeks to provide private debt, equity, and hybrid solutions that fill the gap between for-control private equity and more traditional corporate lending, while also opportunistically purchasing stressed public corporate credits. The Ares Opportunistic Credit team comprises 33 dedicated investment professionals, including Partners Aaron Rosen, Craig Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, who average approximately 21 years of industry experience. Since inception, the strategy has deployed over $17 billion and generated over $11 billion of realized proceeds with a de minimis realized loss ratio. The Opportunistic Credit strategy is part of Ares’ broader global Credit platform, one of the most experienced and scaled direct lenders in the U.S. and Europe with over 1,000 sponsor relationships. Ares Credit has a more than 20-year track record investing across geographies, industries, and market cycles, with over $405 billion of assets under management and more than 560 dedicated investment professionals, as of December 31, 2025.
- https://www.natlawreview.com/press-releases/ares-raises-over-98-billion-leading-opportunistic-credit-strategy – Ares Management Corporation has closed on over $9.8 billion of capital for its Opportunistic Credit strategy, including the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transaction vehicles. With over $8.3 billion in equity commitments, ASOF III significantly exceeded its target and prior vintage fund size, representing one of the largest dedicated pools of private capital raised for opportunistic credit. The Opportunistic Credit strategy leverages its scale and experience to partner with middle-market companies and provide flexible capital solutions to support organic and inorganic growth initiatives, refinance capital structures, and return capital to shareholders. ASOF III seeks to provide private debt, equity, and hybrid solutions that fill the gap between for-control private equity and more traditional corporate lending, while also opportunistically purchasing stressed public corporate credits. The Ares Opportunistic Credit team comprises 33 dedicated investment professionals, including Partners Aaron Rosen, Craig Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, who average approximately 21 years of industry experience. Since inception, the strategy has deployed over $17 billion and generated over $11 billion of realized proceeds with a de minimis realized loss ratio. The Opportunistic Credit strategy is part of Ares’ broader global Credit platform, one of the most experienced and scaled direct lenders in the U.S. and Europe with over 1,000 sponsor relationships. Ares Credit has a more than 20-year track record investing across geographies, industries, and market cycles, with over $405 billion of assets under management and more than 560 dedicated investment professionals, as of December 31, 2025.
- https://www.benzinga.com/markets/private-markets/26/04/51632285/ares-raises-more-than-9-8-billion-for-opportunistic-credit-fund – Ares Management Corporation has closed on more than $9.8 billion for its Opportunistic Credit strategy, including the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transactions. The fund secured over $8.3 billion in equity commitments, significantly exceeding its target and representing one of the largest pools of private capital dedicated to opportunistic credit. The strategy focuses on working with middle-market companies to provide flexible capital solutions, to support both organic and inorganic growth, refinancing, and returning capital to shareholders. ASOF III aims to fill the gap between traditional private equity and corporate lending, deploying debt, equity, and hybrid capital into middle-market companies, while also investing in stressed public credits. “For nearly 10 years, we have scaled our Opportunistic Credit platform to deliver bespoke capital solutions to a broad set of middle-market businesses, and we look forward to continuing to execute on our strategy for the benefit of our portfolio companies and Limited Partners,” said Aaron Rosen, Co-Head of Opportunistic Credit. According to Craig Snyder, Co-Head of Opportunistic Credit, current market volatility is creating “a pipeline of attractive opportunities” for disciplined managers. He emphasized the strategy’s ability to invest across private and public entities, leveraging Ares’ extensive sponsor network and data-driven insights to generate risk-adjusted returns. The Opportunistic Credit team at Ares comprises 33 investment professionals, including partners Rosen, Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, each with an average of 21 years of industry experience. Since its inception, the strategy has deployed more than $17 billion, realizing more than $11 billion with minimal losses. This strategy is part of Ares’ broader global Credit platform, one of the largest direct lenders in the U.S. and Europe, with over $405 billion in assets under management as of Dec. 31, 2025.
- https://www.tipranks.com/news/the-fly/ares-management-raises-over-9-8b-for-opportunistic-credit-strategy-thefly-news – Ares Management Corporation has closed on over $9.8 billion of capital for its Opportunistic Credit strategy, including the final closing of Ares Special Opportunities Fund III LP (ASOF III) and related transaction vehicles. With over $8.3 billion in equity commitments, ASOF III significantly exceeded its target and prior vintage fund size, representing one of the largest dedicated pools of private capital raised for opportunistic credit. The Opportunistic Credit strategy leverages its scale and experience to partner with middle-market companies and provide flexible capital solutions to support organic and inorganic growth initiatives, refinance capital structures, and return capital to shareholders. ASOF III seeks to provide private debt, equity, and hybrid solutions that fill the gap between for-control private equity and more traditional corporate lending, while also opportunistically purchasing stressed public corporate credits. The Ares Opportunistic Credit team comprises 33 dedicated investment professionals, including Partners Aaron Rosen, Craig Snyder, Felix Bernshteyn, Matt Underwood, Brad Friedman, and James Kim, who average approximately 21 years of industry experience. Since inception, the strategy has deployed over $17 billion and generated over $11 billion of realized proceeds with a de minimis realized loss ratio. The Opportunistic Credit strategy is part of Ares’ broader global Credit platform, one of the most experienced and scaled direct lenders in the U.S. and Europe with over 1,000 sponsor relationships. Ares Credit has a more than 20-year track record investing across geographies, industries, and market cycles, with over $405 billion of assets under management and more than 560 dedicated investment professionals, as of December 31, 2025.
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 article reports on Ares Management’s recent closure of its third opportunistic credit fund, Ares Special Opportunities Fund III (ASOF III), with over $9.8 billion in capital commitments. This event was announced on March 31, 2026, and is corroborated by multiple reputable sources, including Business Wire and MarketScreener. ([financialcontent.com](https://www.financialcontent.com/article/bizwire-2026-3-31-ares-raises-over-98-billion-for-leading-opportunistic-credit-strategy?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from Ares Management executives, such as Aaron Rosen and Craig Snyder, are consistent across multiple reputable sources, including Business Wire and MarketScreener. ([financialcontent.com](https://www.financialcontent.com/article/bizwire-2026-3-31-ares-raises-over-98-billion-for-leading-opportunistic-credit-strategy?utm_source=openai))
Source reliability
Score:
10
Notes:
The article originates from Private Equity Wire, a reputable UK-based publication focusing on private equity news. The information is consistent with reports from other reputable sources, including Business Wire and MarketScreener. ([financialcontent.com](https://www.financialcontent.com/article/bizwire-2026-3-31-ares-raises-over-98-billion-for-leading-opportunistic-credit-strategy?utm_source=openai))
Plausibility check
Score:
10
Notes:
The claims about Ares Management’s fundraising efforts and the involvement of major institutional investors are plausible and align with industry trends. The article provides specific details about the fund’s strategy, target investments, and the experience of the investment team, which are consistent with Ares Management’s known activities and public statements. ([financialcontent.com](https://www.financialcontent.com/article/bizwire-2026-3-31-ares-raises-over-98-billion-for-leading-opportunistic-credit-strategy?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides accurate and timely information about Ares Management’s recent fundraising activities, with consistent details across multiple reputable sources. There are no significant concerns regarding freshness, originality, source reliability, or verification independence.