Ares launches retail secondaries fund

The $314 billion alternative investment firm Ares Management has launched a new registered, continuously offered, non-traded, closed-end fund that is slated to invest in a portfolio of private equity and other private assets through secondary market transactions.

The Ares Private Markets Fund opened with more than $250 million in initial capital, including investments from two significant institutional investors, plus a $75 million direct investment from Ares. The portfolio will consist of private equity fund stakes backed by leading private equity sponsors in both the U.S. and Europe.

But the structure of the . . .

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