Ares Management

ARESAsset Management

Mentions

Podcasts

Episodes

Podcast consensus

Points of consensus

▶Ares Management is a major player in the alternative asset management industry, frequently cited alongside competitors like Blackstone, KKR, and Apollo.Apr–May 2026

▶A key strategic priority for Ares is the significant expansion of its private wealth channel, which is a growing source of its Assets Under Management (AUM).Apr–May 2026

▶The company actively uses strategic acquisitions as a primary tool for growth, enabling rapid entry into new geographic markets like Japan and building capabilities in sectors like wealth management and digital infrastructure.Apr 2026

▶Ares has a substantial and established presence in the private credit market, with a history of lower charge-offs compared to public credit markets.Apr 2026

Points of debate

▶There is significant disagreement among top firms regarding the total addressable market (TAM) for private credit, with Ares projecting a $30 trillion market, while Blackstone estimates $20 trillion and Apollo $40 trillion.Apr 2026

▶Ares' brand positioning in the private wealth space is presented with some contrast; while considered one of the top 4-5 firms leading the market, it is also described as still needing to build brand recognition to match competitors like Blackstone and KKR.Apr 2026

▶There is a potential discrepancy between Ares' specific forecast of sourcing 20% of new capital from private wealth by 2025 and the broader industry expectation that firms of its type will source up to 40% of future capital from that channel.Apr 2026

▶The firm's leadership describes its platform as 'fully built,' yet its stated five-year strategy involves significant expansion in real assets, private equity, and its Asian operations, suggesting substantial building and growth are still planned.Apr 2026

Key themes

▶Aggressive Expansion into the Private Wealth ChannelApr 2026

Ares Management is strategically focused on capturing the private wealth market, which already contributes $40 billion to its AUM. This initiative was accelerated by the acquisition of Black Creek, which doubled its wealth management team, and is supported by distribution partnerships with platforms like iCapital and CAIS.

This strategic pivot from institutional to retail capital signifies a major shift in the asset management industry, where tapping into the vast, relatively underserved private wealth segment is seen as the next major frontier for AUM growth.

▶Growth Through Strategic AcquisitionsApr 2026

Ares consistently uses M&A to accelerate its growth and market entry strategies. The acquisition of Black Creek was pivotal for its wealth management ambitions, while the more recent acquisition of GCP provided immediate scale in the Japanese real estate market and capabilities in digital infrastructure.

Ares' M&A strategy allows it to bypass the slow process of organic growth, rapidly acquiring talent, market access, and specialized expertise to compete at scale in new sectors and geographies.

▶Global and Product DiversificationApr 2026

The firm is actively diversifying its business across geographies and asset classes. It has seen surprising fundraising success in Europe, is targeting Asia for future growth, and offers a suite of products across credit, real estate, private equity, and infrastructure to its clients.

By building a 'fully built' platform covering all major alternative asset classes, Ares aims to become a one-stop-shop for both institutional and retail clients, increasing wallet share and creating a more resilient, diversified business model.

▶Competitive Dynamics in a Concentrated MarketApr 2026

Ares operates as one of the top 4-5 firms that collectively dominate 30-40% of the private wealth alternatives market. The firm competes directly with giants like Blackstone, KKR, and Apollo, not only for capital but also in shaping market narratives, such as the projected size of the private credit market.

The concentration of market share among a few mega-firms creates an intense competitive environment where brand, scale, and product innovation are critical for attracting capital from financial advisors who prefer to work with a curated list of managers.

Source episodes

Timeline

20-year historical period

Over a two-decade span, Ares Management's private credit portfolio demonstrated strong performance, with historical charge-offs lower than default rates in public credit markets.

COVID-19 pandemic period

Ares acquired Black Creek to significantly build out its wealth management business, an action that led to the doubling of its wealth management team from 75 to 150 people.

Recent past

The firm closed its acquisition of GCP, expanding its focus into digital infrastructure and gaining a substantial foothold in the Japanese real estate market with hundreds of new employees.

Present

Ares is focused on building its brand recognition in the private wealth channel to match competitors and is distributing products through platforms like iCapital and CAIS. A company executive predicts the current year could be a 'breakout year' for wealth channel capital raising in Asia.

2025

Ares forecasts that approximately 20% of its new capital raised in 2025 will originate from retail flows through its private wealth channel.

Next five years

The company's strategic focus will be on expanding its real assets and private equity businesses, alongside a continued push for growth in Asia.

Suggested prompts

How sustainable is Ares' growth in the private wealth channel, and what strategies can it employ to close the brand recognition gap with competitors like Blackstone? &nearr;Given the wide variance in TAM estimates for private credit, what are the underlying assumptions in Ares' $30 trillion forecast, and how does this influence its investment and product development strategy? &nearr;What are the key integration risks and cultural challenges associated with Ares' M&A-driven growth strategy, particularly in new geographic markets like Japan? &nearr;How will Ares balance the liquidity needs and expectations of private wealth clients with the inherently illiquid nature of its core alternative asset classes, especially during a market downturn? &nearr;

Key concepts

Private Wealth Channel 1 ep Mergers & Acquisitions (M&A) 1 ep Competitive Landscape 3 ep Capital Raising 1 ep Geographic Expansion 1 ep Product & Asset Class Strategy 1 ep Private Credit 2 ep Assets Under Management (AUM) 1 ep Real Estate 2 ep

Notable quotes

“Of Ares Management's approximately $500 billion in AUM, $40 billion comes from its private wealth channel.”

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

“Major asset managers have varying TAM estimates for the private credit market, with Blackstone projecting a $20 trillion market, Ares a $30 trillion market, and Apollo a $40 trillion market.”

Michael Sidgmore · Michael Sidgmore - Alternatives Go Mainstream (Private Wealth 1, EP.443)

“Ares Management's leadership believes the firm's platform is now "fully built" and covers all the necessary alternative asset classes to serve both institutional and retail clients.”

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

“Many large alternative asset management firms similar to Ares expect that 40% of their future capital raising will originate from the private wealth channel.”

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

Report last updated: Apr 8, 2026

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