Ares raises over $5bn for latest direct lending fund

Ares Management held the final close of Ares Private Credit Solutions II (APCS II), which at $5.1 billion was oversubscribed and roughly 50% larger than the firm’s 2017 predecessor fund.

A junior capital direct lending fund, APCS II is focused on upper middle market companies investing primarily in directly originated second lien, mezzanine private high yield debt and preferred equity, and will also participate in common equity co-investments.

Officials said that the fund is already 20% invested across nine portfolio companies.

“As a pioneer in private credit and a global . . .

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