Century City-based Ares Management Corp. closed the Ares U.S. Real Estate Fund IX at $1 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. Ares Real Estate Group, a team within Ares Management Corp. that runs the new fund, 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. 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.

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