Ares raises $415m for U.S. real estate fund
Ares Management has raised $415 million for Ares U.S. Real Estate Fund IX, according to a filing with the SEC. The firm did not comment on its fundraising efforts.
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 has not been disclosed for the fund.
The fund previously received a $75 million commitment from the $30 billion Texas Permanent School Fund in April and a $100 million commitment from the $50.2 billion Pennsylvania Public School Employees’ Retirement System in March.
In one of its most recent transactions, Ares acquired a residential development site in Scottsdale, Ariz., after forming a new joint venture with Kaplan Management Co. in January. Upon completion, the development, to be k