Oversubscribed Ares SDL III Creates Largest Institutional Fund in the Market
NEW YORK, August 1, 2024 – Leading international law firm Proskauer is pleased to announce that it advised Ares Management Corporation (“Ares”), a leading global alternative investment manager, on the fundraising of Ares Senior Direct Lending Fund III (“SDL III” or the “Fund”). SDL III exceeded its initial target of $10.0 billion, closing with total equity commitments of approximately $15.3 billion. The total capital base for SDL III is expected to be approximately $33.6 billion, which includes equity commitments in related vehicles and anticipated leverage.
SDL III is part of Ares’ U.S. Direct Lending strategy which provides directly originated senior secured loans to middle market companies in North America. Like its predecessor funds, SDL I and SDL II, the Fund focuses its investments on companies with $10 million to over $150 million of EBITDA where Ares funds act primarily as the lead provider of capital.
The team advising Ares was led by partners Chip Parsons, N. Carter Noon and Kerry Shriver (Private Funds) as well as David Miller and Janicelynn Park (Tax). It also included associates Jennifer Hicks, John Beck, Alicia Abboud, Shummi Chowdhury, M. Michael LaMonte, Elma Colletti, Saika Suzuki, Rebecca Elsner and Nikita Patel (Private Funds); associates Sean Webb and Julia Varoutsos (Tax); partner Adam Scoll (EBEC); and partner Rob Sutton (Regulatory).
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