Ares moves special opportunities strategy into credit group
Ares Management is shifting its special opportunities business into its credit group, which it says will enable the team to leverage the direct origination network of the firm’s global credit platform.
The special opportunities strategy, which currently sits within Ares’ private equity group, will be renamed opportunistic credit.
“As industry dynamics continue to evolve, we are seeing an expanding investment opportunity for private lenders who can deliver creative and flexible debt and structured equity solutions to middle market companies,” said Kipp deVeer, head of the Ares credit group.
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“Aligning our special opportunities team with our industry-leading global credit group is intended to further ensure that we are maximizing our broad origination capabilities, deepening our long-standing sponsor relationships and optimizing our underwriting, structuring and portfolio management experience, all of which we believe will benefit our fund investors.”
The opportunistic credit team will continue to partner with firms in need of transitional capital and provide flexible debt and non-control equity solutions to private and public companies, Ares said.
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The team will be led by Aaron Rosen and Craig Snyder, who serve as co-portfolio managers of special opportunities.
Rosen and Snyder have been involved in the leadership of the team and its day-to-day operations since 2018 and they will continue to be supported by longstanding team members, including Felix Bernshteyn, Brad Friedman, James Kim and Matt Underwood.
The team has approximately 30 dedicated investment professionals across the US and UK.
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“Bringing the special opportunities business under the credit group umbrella is designed to enhance our investing capabilities and create value for our portfolio companies and our investors,” said Rosen.
Ares Credit Group had around $300bn (£236bn) in assets under management as of 31 December 2023. The opportunistic credit strategy will be reflected within the credit group in Ares’ public reporting, effective from 31 March 2024.