Ares Management has held a final closing of its $4.7 billion Ares Corporate Opportunities Fund IV, L.P., the firm announced Wednesday. The firm blew past an initial target of $4 billion. This is the fourth fund for the Los Angeles-based investor. Portfolio companies include GNC, LyondellBasell, 99¢ Only Stores, Nortek, Serta, and Simmons.
Ares Management LLC announced today the final closing of its $4.7 billion Ares Corporate Opportunities Fund IV, L.P. (ACOF IV), the fourth private equity investment fund for the Los Angeles-based investment firm. ACOF IV substantially exceeded its initial target of $4 billion and is 35 percent above its most recent private equity fund, ACOF III, which closed in 2008.
The Ares Private Equity Group is led by David Kaplan and Bennett Rosenthal. ACOF IV will continue to implement the group’s philosophy by making investments in middle market companies, where it seeks to unlock value through deploying additional capital and supporting portfolio companies’ management teams in implementing their business objectives.
Among the current Ares Private Equity portfolio companies are GNC, LyondellBasell, 99¢ Only Stores, Nortek, Serta, and Simmons. During its nine years since inception, the ACOF Funds have also made successful investments in a number of public and private portfolio companies, including Aspen Dental, Hanger Orthopedic, House of Blues, Maidenform, and Samsonite.
“We greatly appreciate the tremendous support of our limited partners,” said Mr. Kaplan. “We believe their participation is reflective of their confidence in the strength of the Ares investment platform, the Ares Private Equity team and our expertise in the growth of middle market companies.”
“We are thrilled to have been able to accomplish this successful close in such a short period of time,” said Mr. Rosenthal. “We believe our proven investment discipline, ability to invest during all market cycles and consistent strong performance track record has been especially attractive to our limited partners in meeting their investment expectations.”
ABOUT ARES MANAGEMENT LLC:
Ares Management LLC is a global alternative asset manager and SEC-registered investment adviser withapproximately $54 billion of committed capital under management and approximately 520 employees as of June 30, 2012. The firm is headquartered in Los Angeles with professionals also located across the United States, Europe and Asia and has the ability to invest in all levels of a company’s capitalstructure — from senior debt to common equity. Ares’ investment activities are managed by dedicated teams in three investment groups: Capital Markets (leveraged loans, high yield, stressed/distressed, and structured products), Private Debt (corporate and commercial real estate) and Private Equity. Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole. This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value.
The Ares Private EquityGroup pursues majority or shared-control investments, principally in middlemarket companies with strong business franchises and in situations where its capital can serve as a catalyst for growth. Ares Management’s private equity senior partners average more than 20 years of experience investing in, controlling, advising, and restructuring companies.