Ares Management raises $217 million in IPO

Tony Ressler, who co-founded Ares Management after his role in the 1990s as a founding member of Apollo Global Management, is emerging with common unit holdings valued at about $900 million after the initial public offering of Ares Management as the first private equity firm to float common units in two years.

Ressler owned 48.9 million common units, according to an amended prospectus for the deal. Based on Ares Management’s IPO price of $19 per unit, Ressler is holding about $929 million in shares. In their first day of trading on May ...

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