Ares Management raises $836m for U.S. real estate fund

Ares Management, a Los Angeles–based global alternative asset manager, has raised $836.1 million for its ninth U.S. real estate fund, Ares U.S. Real Estate Fund IX, according to a filing with the SEC. The firm did not comment on its fundraising activity.

Ares U.S. Real Estate Fund IX, which launched in fourth quarter 2016, is a value-added fund that primarily will invest in U.S. office, hotel, industrial, multifamily and retail properties. A fundraising target was not disclosed in the filing. The fund previously received a $75 million commitment from the Texas Permanent School Fund and a $100 million commitment from the Pennsylvania Public School Employees’ Retirement System.

The fund’s predecessor, Ares U.S. Real Estate Fund VIII, held a $824 million final close in 2015, exceeded its initial target of $750 million.

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