Ares opens office in Milan to expand private credit business in Italy
Ares Management has opened a new office in Milan in a push to expand its private credit business in Italy.
The new office will aid the firm’s ability to raise and invest capital across its strategies in the region, particularly within its European Direct lending business, it said.
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Tyrone Cooney, partner & head of France and Southern Europe for the firm’s European Direct Lending business, will lead the new office, supported by a team of senior investment professionals in Milan.
Ares already has a number of offices across Europe including in London, Paris, Frankfurt, Stockholm, Amsterdam and Madrid, and the latest addition will take its total number to 13.
Across its investment strategies, including European Direct Lending and European Real Estate, the firm has already deployed over €1.6bn (approx £1.35bn) to support Italian businesses and assets, and it expects to accelerate this activity over the next few years.
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“Over the last several years, we have seen Italian stakeholders gain greater awareness and acceptance of private capital as an attractive alternative to traditional financing sources,” said Cooney.
“As local business owners and asset managers continue to the navigate through dynamic European markets, we are pleased to formally establish Ares’ presence in Italy and provide greater access to our flexible and creative capital solutions.”
As of March 31, Ares’ global platform had roughly $546bn (approx £410bn) of assets under management.
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