Ares Raises $36.4B in Record Quarter; New Jersey Commits $850M Across Five Funds

Ares Management posted its strongest fundraising quarter on record, pulling in $36.4B in gross capital during the second quarter, executives said on the firm's second-quarter earnings call. Credit led the way with $23.7B raised, anchored by the final close of Ares Pathfinder Fund III at $8.5B, above its $6.5B hard cap, while Real Assets contributed $9.7B across real estate and infrastructure. CEO Michael Arougheti said on the call that the firm remains on pace for another record year, citing diversification across roughly 90 funds and vehicles.

Affiliated Managers Group closed the quarter with $942B in AUM, a firm record, driven by a record $29B in alternative-strategy net inflows, executives said on the firm's quarterly earnings call. Private markets affiliates raised $8B and liquid alternatives brought in $21B, with $16B of that flowing into tax-aware wealth channel strategies. CEO Jay Horgen told analysts on the call that alternatives now account for more than 60% of AMG's earnings, up from about 50% eighteen months ago.

In specific fund updates, KKR closed KKR Global Infrastructure Investors V at $19.2B, its largest infrastructure fund to date; Manulife Wealth & Asset Management's Comvest Credit Partners raised $5.4B in total investable capital tied to the final close of Comvest Credit Partners VII, its largest fundraise to date; and Adams Street Partners secured more than $5B for its latest Secondaries Investment Program, including the close of Global Secondary Fund 8 at $2.7B.

Among US allocators, the Illinois Police Officers' Pension Investment Fund voted to award Partners Group a $450M infrastructure mandate, selecting the manager over finalist EQT at the conclusion of a roughly three-year RFP process; the New Jersey Division of Investment committed $850M across five private equity and real estate funds; and the Teachers' Retirement System of the State of Illinois approved roughly $790M across nine funds spanning private equity, infrastructure, and private credit.

Read on for all the day’s fundraising news headlines.

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