Ares Management Corp

Research evidence excerpt

Ares Management Corp

h Cons.

$8.5B hard cap (vs. a $6.5B target) and successor U.S. and European SDL funds in Q1 1.24 1.24 -0 1.34

market raising ~$12B in 2Q. US SDL IV will raise the unlevered sleeve as an institutional Q2 1.24 1.29 4 1.29

evergreen, and maintain the levered sleeve as a drawdown vehicle, with a first close for Q3E 1.35 1.24 -8 1.45

both in 2H26 and additional closes in 2027. Q4E 1.97 2.02 2 1.99

12/26E 5.81 5.80 -0 5.97

Real assets emerging as a key growth driver across wealth and institutions 12/27E 7.19 7.05 -2 7.35

Real assets continue to gain importance within both Ares’ fundraising mix and wealth 12/28E 7.83 7.67 -2 8.64

platform. The open-ended ACI Fund raised $1.9B in 2Q and has grown to $5.7B of Michael Brown

AUM. With wirehouse distribution still in the early stages (likely only on one major Analyst

platform), additional platform approvals could provide a meaningful tailwind to future mike.brown@ubs.com

fundraising growth. Meanwhile, the GCP acquisition continues to outperform +1-212-713 1387

expectations, with the data center development platform scaling rapidly and Vijeth Mudalegundi

management reiterating confidence in generating $50M-$100M of incremental FRE Analyst

from digital infrastructure by 2027. Meaningful fundraising closings for GCP's digital vijeth.mudalegundi@ubs.com

infrastructure fund are expected in 2H26, creating another tailwind. +1-212-649 8172

Mary Mahrer

CEO commentary adds credibility to inorganic expansion into PE Analyst

ARES stopped short of addressing the headlines about Leonard Green Partners directly, mary.mahrer@ubs.com

but CEO commentary arguably strengthened the strategic case for expanding the reach +1-212-713 9014

into private equity. CEO Mike Arougheti indicated ARES is open to acquisitions that are