Ares adds healthcare team to asset based lending unit
Ares Management Corporation’s asset based lending unit has announced the addition of a healthcare-focused team joining from Huntington Bank.
Ares Commercial Finance, the commercial finance platform of the listed alternative asset manager, provides credit facilities up to $500m to mid-market and lower mid-market companies. It sits within Ares’ credit group, which had over $349bn of assets under management as of 31 December, 2024.
The newly launched healthcare asset based lending platform will be led by managing directors Todd Gordon, Dan Berger and Nathan Brenneman, who have worked together for more than 20 years, most recently at Huntington Bank. Previously they worked at Sector Financial, which was a subsidiary of Credit Suisse, as well as Capital One Bank and CapitalSource Finance.
“We are confident that our team’s healthcare ABL expertise, combined with ACF’s industry-leading direct lending platform, will be a welcome solution to companies seeking financing in the middle market healthcare sector,” Gordon, head of healthcare ABL, commented.
Asset based financing has become more popular in the last couple of years, with many private credit firms expanding their capabilities in the area. In October, Ares announced another expansion in the space with a joint venture set up to fund new vehicle leases.
Read more: Oaktree: Asset-based funding faces financing void
Read more: BlackRock sees opportunity for private credit in asset-based financing
