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.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Ares Closes $1B Real Estate Fund
- Levine Leichtman Closes $2.5B Fund
- $95M Loan Given for Downtown Tower
- Guardian Life Takes Stake in LEI, Name Change Planned
- MedMen Strikes Deal with Treehouse REIT for $100M in Real Estate
- LA Home for Santa Fe RE Investment Firm
- Downtown Department Store Set for Refurbish
- Multifamily Project Planned for Mid-Wilshire