Net Worth: $1.48 billion, down 7.5 percent
LAST YEAR: $1.6 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Co-founder of Century City private equity and debt behemoth Ares Management owns about one-third of firm. Received more than $72 million in compensation and distributions from Ares in 2015 and is invested in several of company’s funds, though publicly traded stock down compared with last year.
THE BUZZ: Ares aborted previously announced $2.55 billion merger with Kayne Anderson Capital Advisors last year after firms disagreed on best way to unite given energy-sector market conditions. As result, Ares and some of its executives committed to invest $150 million in Kayne’s energy activities. Ressler’s firm has found value investing in everything from chic Neiman Marcus to cheap 99 Cents Only Stores. Private equity division recently raised $7.85 billion for Ares Corporate Opportunities Fund V. Before launching Ares in 1997, co-founded New York private equity firm Apollo Global Management and worked at doomed debt outfit Drexel Burnham Lambert. Ressler led group that bought pro basketball’s Atlanta Hawks for $730 million last year. He already held minority stake in baseball’s Milwaukee Brewers. Board member of Cedars-Sinai Medical Center, co-chairman of Los Angeles County Museum of Art, trustee of alma mater Georgetown University. Married to actress Jami Gertz, who most recently starred in sitcom “The Neighbors.”
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Wealthiest Angelenos: 33. ANTONY RESSLER
- Ares Confirms $2.6 Billion Acquisition of Kayne Anderson
- Ares and Kayne Anderson Abandon Merger Deal
- Wealthiest Angelenos: 35, Antony Ressler
- Report: Ares in Talks to Buy Kayne Anderson
- Wealthiest Angelenos: 49, Richard “Ric” Kayne
- RICHARD KAYNE
- 42. Richard Alan "Ric" Kayne