Century City private equity and debt giant Ares Management announced Monday it had raised $7.85 billion for its fifth global flexible capital private equity fund, Ares Corporate Opportunities Fund V.

The firm started fundraising in the third quarter of last year with an initial target of $6.5 billion, which was 38 percent bigger than the $4.7 billion Ares raised for its Corporate Opportunities Fund IV in 2012.

The fund’s final closing included $250 million of general partner commitments, mostly from employees. About 80 percent of limited partner commitments came from existing investors in Ares’ four prior corporate opportunities funds. Like its predecessors, the new fund will continue pursuing opportunistic investments primarily in North American and European businesses.

The previous corporate opportunities funds have seen a 16 percent net annualized internal rate of return over the past dozen years, after taking into account management fees, performance fees, and other expenses, according to Ares. The funds’ portfolio includes companies such as Commerce warehouse retailer Smart & Final Stores Inc. and Agoura Hills-based vet clinic chain National Veterinary Associates.

“We believe our demonstrated investment discipline, ability to invest across market cycles and consistent track record of performance were integral to a successful fundraise in a short period of time,” said Ares co-founder Bennett Rosenthal, in a statement.

Ares has about $94 billion of assets under management as of Dec. 31, of which the private equity group manages more than $21 billion.