Ares Posts 167% Jump in Earnings from Secondaries Business

Ares Management Corp. posted a surge in earnings tied to its secondaries business as institutional investors continue to offload their exposure to private equity in an effort to shore up liquidity.

The alternative asset manager reported $74 million of fee-related earnings for its secondaries unit in the third quarter, up 167% from the same period last year, according to a statement Monday. The vast share of new commitments were dedicated to private equity secondaries.