Ares targets $6.5 bln for fifth PE fund

Ares Management is seeking to raise $6.5 billion for its fifth private equity fund, according to an SEC filing. Ares’ previous private equity fund Ares Corporate Opportunities Fund IV closed at $4.7 billion in 2012, generating an average IRR of 12.18 percent and an average multiple of 1.12x, as of June 30, 2015, according to data provider Bison.