Century City-based Ares Management Corp. closed the Ares U.S. Real Estate Fund IX at $1.04 billion. The fund looks at value-add opportunities in multifamily, industrial and office investment properties.

Investors included pension funds, insurance companies and asset managers. The fund had 15 new investors.

“It is very gratifying to receive the strong support from our long-term investors and to attract many new investors to our expanding real estate platform,” said Steven Wolf, partner and chief investment officer for U.S. Equity in the Ares Real Estate Group, in a statement.

Ares Real Estate Group is a team within Ares Management Corp. The Ares Real Estate Group had $10.6 billion of assets under management as of Sept. 30.

So far, roughly 50 percent of the Ares U.S. Real Estate Fund IX has been committed to 12 investments.

“We remain committed to deploying our investors’ capital in a disciplined manner as we leverage the advantages of the Ares platform to find off-market value opportunities across our national footprint in the U.S.,” said Howard Huang, partner in the Ares Real Estate Group, in a statement.

The Ares U.S. Real Estate Fund VIII closed at $825 million in 2014.

In November, Ares completed its conversion to a corporation from a limited partnership. Ares Management Corp. changed its name from Ares Management.

Commercial real estate reporter Hannah Madans can be reached at hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans