Ares Raises $6.6 Billion Fund to Chase Bank Loan Sales
- Pathfinder Fund II exceeded its original $5 billion target
- The haul reflects investor demand for private credit
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Ares Management Corp. raised $6.6 billion for its second asset-based credit fund, as it seeks to snap up portfolios from banks that want to sell them to comply with higher capital requirements.
The firm’s Pathfinder Fund II, which exceeded its $5 billion target, will invest in portfolios of assets that offer steady cash flows, Ares said in a statement Monday. That could include pools of auto loans, credit card receivables, mortgages and other bundles of loans.