*ARES BREAKS PRIVATE CREDIT RECORD WITH NEW $34 BILLION FUND
- Equity commitments of $15 billion exceeded $10 billion target
- Jumbo deal highlights direct lending’s advance on banking turf
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Ares Management Corp. has hauled in nearly $34 billion for its latest direct lending fund, the largest dedicated pool in the burgeoning private credit market.
Ares Senior Direct Lending Fund III raised about $15 billion in equity commitments, above its $10 billion target. The fund’s total capital is more than double that sum when including leverage and separately managed accounts, according to Mitch Goldstein, co-head of the firm’s credit group.