Ares Management raises $3.4bn

The Los Angeles-headquartered firm closed its first junior debt fund.

Ares Management held a final close on $3.4 billion for its Ares Private Credit Solutions fund, surpassing its initial $2.5 billion target. The fund began fundraising in February this year.

Investors of the fund include Virginia Retirement System and Public Officials Benefit Association.

The fund will provide mezzanine debt to upper middle-market companies in North America.