Kipp deVeer

Senior executive at Ares Management discussing firm-wide strategy for growth in the private wealth channel.

Claims

As speaker

Mentioned in

Key positions and views

The private wealth channel is a critical, high-growth area for alternative asset managers, expected to contribute a significant portion of future capital raising for the industry.

Ares Management is now a 'fully built' platform with a comprehensive, multi-asset product suite, positioning it to be one of the few top-tier managers for financial advisors.

Strategic acquisitions are the most effective method for rapidly building new business capabilities, entering new geographic markets like Japan, and expanding into adjacent asset classes like digital infrastructure.

The private wealth market is consolidating, with a handful of large firms, including Ares, capturing the majority of market share from a previously dominant single player.

Financial advisors' desire for diversification away from over-concentration in a single manager (like Blackstone) is a primary driver of opportunity for other scaled platforms like Ares.

Podcast consensus on deVeer

Points of consensus

▶Ares Management has approximately $500 billion in Assets Under Management (AUM).Apr 2026

▶The private wealth channel is a primary strategic focus for Ares, representing $40 billion in AUM and a significant source of future capital.Apr 2026

▶Strategic acquisitions, specifically Black Creek for wealth management and GCP for real estate and infrastructure, have been crucial drivers of Ares' recent growth and expansion.Apr 2026

▶Ares Management competes directly with a small number of large firms, including Blackstone and KKR, for dominance in the private wealth alternatives market.Apr 2026

Points of debate

▶There is a competitive tension between Blackstone's historical market dominance (60-65% share) and the growing desire among financial advisors for diversification, which creates an opportunity for firms like Ares.Apr 2026

▶While Kipp deVeer asserts Ares' platform is 'fully built,' he concedes the firm is still working to elevate its brand recognition in the private wealth channel to match that of its top competitors.Apr 2026

▶A market-wide expectation exists that 40% of future capital raising will come from private wealth, yet Ares' more conservative internal forecast for 2025 is approximately 20%, suggesting a potential gap between industry ambition and firm-level reality.Apr 2026

▶The growth in private wealth alternatives is tempered by liquidity constraints, evidenced by competitors 'queuing' capital and Ares' own funds limiting redemptions to 20% over one to two years.Apr 2026

Key themes

▶Scaling the Private Wealth EngineApr 2026

DeVeer details Ares' deliberate strategy to capture the private wealth market, which is forecasted to provide 20% of the firm's new capital by 2025. This initiative was significantly accelerated by the acquisition of Black Creek, which instantly doubled the wealth management team and provided experienced leadership.

This highlights a major industry shift where alternative asset managers are aggressively building retail distribution channels, previously the domain of traditional finance, to fuel the next wave of AUM growth.

▶Competitive Dynamics and Market ConsolidationApr 2026

He portrays the private wealth alternatives market as one consolidating around a few key players, including Blackstone and Ares, which now hold 30-40% of the market share. He notes Blackstone's prior 60-65% dominance created an opening as financial advisors sought diversification.

DeVeer's commentary suggests the market is maturing from a single-player-dominated space to an oligopoly, where brand, scale, and a multi-product platform are the primary competitive moats.

▶Growth Through Strategic AcquisitionApr 2026

DeVeer emphasizes how targeted acquisitions have been instrumental to Ares' expansion. The purchase of Black Creek was foundational for the wealth management business, while the more recent GCP acquisition provided immediate entry into Japanese real estate and the digital infrastructure sector.

This reveals a 'buy-over-build' strategy for rapid capability enhancement and market entry, indicating that speed and acquiring established teams are prioritized over slower organic development in Ares' growth plans.

▶Building a 'Fully Built' Global PlatformApr 2026

DeVeer asserts that Ares now has a complete product suite covering credit, real estate, private equity, and infrastructure for both institutional and retail clients. With the platform considered complete, the firm's focus is shifting to scaling its existing businesses and expanding geographically, particularly in Asia.

The declaration of being 'fully built' signals a strategic pivot from platform construction to aggressive asset gathering and global scaling, suggesting the firm believes its core infrastructure is now complete.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

Circa 2003-2023

Over a 20-year period, Ares Management's private credit portfolio maintained lower charge-offs than default rates in the public credit markets.

Circa 2020-2021

Blackstone held a dominant 60-65% market share in the private wealth alternatives channel, creating demand for diversification among financial advisors.

COVID-19 Pandemic Period

Ares Management acquired Black Creek to build out its wealth management business, subsequently doubling its global team in that division from 75 to 150 people.

Last Year

Ares experienced surprisingly strong capital raising from its wealth channel in Europe.

Recently

Ares closed its acquisition of GCP to expand into digital infrastructure and establish a significant real estate presence in Japan.

Next 5 Years

Ares plans to focus on expanding its real assets and private equity businesses, as well as pursuing significant growth in Asia.

Suggested prompts

How does Ares' strategy of using acquisitions like Black Creek and GCP to build capabilities compare to the organic growth strategies of its competitors? &nearr;What are the primary risks to Ares' forecast that 20% of its 2025 capital will come from the private wealth channel, especially given market liquidity concerns? &nearr;Kipp deVeer claims the Ares platform is 'fully built.' What specific gaps might still exist compared to competitors like Blackstone, particularly in brand recognition and global reach? &nearr;Given the expectation that 40% of future industry fundraising will come from private wealth, what operational and regulatory challenges must Ares overcome to scale its distribution and client servicing to meet this demand? &nearr;

Key concepts

Private Wealth Channel 1 ep Ares Management 1 ep Market Competition 1 ep Strategic Acquisitions 1 ep Assets Under Management (AUM) 1 ep Global Expansion 1 ep Product Strategy 1 ep Financial Advisors 1 ep Private Credit 1 ep Real Assets & Infrastructure 1 ep

Notable quotes

“Blackstone, because of their early lead in the market, had a roughly 60, 65% market share in that channel.”

Kipp deVeer · Kipp deVeer - Scaling for Private Wealth Globally in Credit (Private Wealth 5, EP.449)

“So if you look at our roughly 500 billion of AUM today, about 40 billion, 4-0 of that is from the wealth channel.”

Kipp deVeer · Kipp deVeer - Scaling for Private Wealth Globally in Credit (Private Wealth 5, EP.449)

“Most firms like Aries expect that 40% of their capital raising going forward will come from the wealth channel.”

Kipp deVeer · Kipp deVeer - Scaling for Private Wealth Globally in Credit (Private Wealth 5, EP.449)

“FAs everywhere were saying, this is great. My clients want more access to this product, but do I really want to be 60% exposed to Blackstone? Not really. I wish I could diversify.”

Kipp deVeer · Kipp deVeer - Scaling for Private Wealth Globally in Credit (Private Wealth 5, EP.449)

Report last updated: Apr 21, 2026

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