Century City private equity firm Ares Management reported strong second-quarter growth in profits and managed assets on Wednesday.
The firm earned economic net income of $75.1 million for the three months ended June 30, up from $18.1 million from the same period a year earlier. Economic net income is a measure commonly used by private equity funds as it captures unrealized gains in investments.
Assets under management grew 30 percent to $79.2 billion between June 30 last year and the same date this year.
“We continue to experience rapid growth in assets under management and management fee revenue,” Chief Executive Antony Ressler said in a press release.
Shares closed at $18.19 on Wednesday, up 20 cents, or 1 percent, on the NYSE.