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Fundraising - APRIL 6, 2021

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Ares raises largest U.S. real estate fund to date

by Kali Persall

Ares Management Corp. has completed the final closing of its Ares U.S. Real Estate Opportunity Fund III (AREOF III), marking the firm’s largest U.S. real estate equity fundraise to date.

The fund, which targets distressed, repositioning and selective development opportunities, was oversubscribed with $1.7 billion of commitments, surpassing its $1.5 billion target.

In comparison, the predecessor fund and related vehicles raised some $1 billion in commitments.

“Looking ahead, the unprecedented change in space utilization has potentially widened the opportunity set for both attractive undercapitalized assets and assets within sectors experiencing accelerated demand,” said David Roth, head of U.S. real estate private equity. “We believe that we are well positioned with our flexible mandate and experienced team to continue to build upon the great progress that the Fund has already achieved.”

Ares said AREOF III has already capitalized on what the fir

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