Ares Management Announces Third Quarter 2026 U.S. Direct Lending Origination Activity

The selected transactions used senior secured credit facilities, with Ares serving in agent, arranger or bookrunner roles.

Rhea-AI Summary

Ares Management (NYSE: ARES) announced that its credit funds closed approximately $6.3 billion in U.S. direct lending commitments during the third quarter of 2026. The commitments covered 55 transactions. For the 12 months ended September 30, 2026, the funds closed approximately $43.4 billion across 314 transactions.

Selected quarterly transactions included financing supporting CVC Capital Partners' acquisition of Chess.com, The Vistria Group's acquisition of Curi Capital, Berkshire Partners' acquisition of Harbourfront Wealth Management and GTCR's acquisition of Tactacam. Other facilities supported sponsors' continued growth plans for portfolio companies.

13 points · 1 major

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Positive

• Major pointApproximately $6.3 billion in U.S. direct lending commitments closed across 55 transactions in the third quarter of 2026. 22% of market cap
• Minor pointApproximately $43.4 billion in U.S. direct lending commitments closed across 314 transactions in the 12 months ended September 30, 2026.
• Minor pointAirX Climate Solutions financing closed with Ares as administrative agent, lead arranger and bookrunner, supporting Gryphon Partners' growth plans.
• Minor pointChess.com acquisition financing closed with Ares as administrative agent, lead arranger and bookrunner, supporting CVC Capital Partners.
• Minor pointCuri Capital acquisition financing closed with Ares as administrative agent, lead arranger and bookrunner, supporting The Vistria Group.

8 minor points

• Minor pointCustom Flavors financing closed with Ares as joint lead arranger and joint bookrunner, supporting Butterfly Equity and Graham Partners' partnership.
• Minor pointEssor Group financing closed with Ares as administrative agent, supporting continued growth plans.
• Minor pointHarbourfront Wealth Management acquisition financing closed with Ares as administrative agent, joint lead arranger and joint bookrunner, supporting Berkshire Partners.
• Minor pointInszone financing closed with Ares as administrative agent, joint lead arranger and joint bookrunner, supporting Lightyear Capital and BHMS Investments' growth plans.
• Minor pointNewEdge Capital financing closed with Ares as co-lead arranger and joint bookrunner, supporting Parthenon Capital's growth plans.
• Minor pointPrime Capital Financial financing closed with Ares as administrative agent, lead arranger and bookrunner, supporting Carlyle's growth plans.
• Minor pointSteward Partners financing closed with Ares as joint lead arranger and joint bookrunner, supporting Cynosure and The Pritzker Organization's growth plans.
• Minor pointTactacam acquisition financing closed with Ares as administrative agent and joint lead arranger, supporting GTCR.

Negative

• None.

Key Figures

Direct lending commitments: $6.3 billion Transactions closed: 55 transactions Direct lending commitments: $43.4 billion +1 more

Direct lending commitments

$6.3 billion

Third quarter of 2026

Transactions closed

55 transactions

Third quarter of 2026

Direct lending commitments

$43.4 billion

12 months ended September 30, 2026

Transactions closed

314 transactions

12 months ended September 30, 2026

Key Terms

senior secured credit facility, administrative agent, lead arranger, bookrunner

4 terms

senior secured credit facility financial

"Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility"

A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.

administrative agent financial

"Ares served as administrative agent, lead arranger and bookrunner"

An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.

lead arranger financial

"Ares served as administrative agent, lead arranger and bookrunner"

A lead arranger is the main bank or financial institution that organizes a large loan by putting together other lenders, setting the loan terms and coordinating the paperwork much like a project manager assembling a team. Investors watch the lead arranger because its reputation and decisions affect the loan’s pricing, structure and perceived risk, which can change a company’s cost of borrowing and impact lenders’ returns.

bookrunner financial

"Ares served as administrative agent, lead arranger and bookrunner"

A bookrunner is the lead bank or financial firm that organizes and manages a new securities offering, acting like a project manager who sets the price range, collects investor demand, and decides how shares are allocated. For investors, the bookrunner’s choices and reputation influence the final price, how many shares each buyer receives, and the overall chance the deal succeeds — similar to how a trusted referee shapes a fair and well-run auction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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 Approximately $6.3 Billion in New Commitments Closed in the Third Quarter and Approximately $43.4 Billion Closed in the 12 Months Ended September 30, 2026

NEW YORK, Oct. 29, 2026 /PRNewswire/ -- Ares Management Corporation (NYSE: ARES) announced today that Ares Credit funds (collectively "Ares") closed U.S. direct lending commitments of approximately $6.3 billion across 55 transactions during the third quarter of 2026 and approximately $43.4 billion across 314 transactions in the 12 months ended September 30, 2026. Below is a description of selected transactions that Ares closed during the third quarter of 2026.

AirX Climate Solutions / Gryphon Investors
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Gryphon Partners' continued growth plans for AirX Climate Solutions. AirX Climate Solutions is a leading provider of specialty industrial and commercial HVAC equipment and services to a diverse set of end markets.

Chess.com / CVC Capital Partners
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility to support CVC Capital Partners' acquisition of Chess.com. Chess.com is an online platform for playing chess, providing chess-related content, educational resources, and hosting chess events.

Curi Capital / The Vistria Group
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility to support The Vistria Group's acquisition of Curi Capital. Curi Capital is an investment advisor providing wealth management, investment management, family office services, and retirement plan solutions.

Custom Flavors / Butterfly Equity and Graham Partners
Ares served as joint lead arranger and joint bookrunner for a senior secured credit facility to support Butterfly Equity and Graham Partners' partnership with Custom Flavors, alongside Graham Partners' existing portfolio company Target Flavors. Custom Flavors and Target Flavors are specialty flavor solutions formulators and manufacturers across various applications including functional foods & nutraceuticals, beverages, snacks, dairy, etc.

Essor Group
Ares served as administrative agent for a senior secured credit facility to support continued growth plans for Essor Group. Essor Group is a multi-brand platform that sells consumer products across health & wellness, lifestyle, personal care, and beauty industries.

Harbourfront Wealth Management / Berkshire Partners
Ares served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility supporting Berkshire Partners' acquisition of Harbourfront Wealth Management. Harbourfront is an independent Canadian wealth management and investment advisory firm offering portfolio management, financial planning, proprietary alternative investment solutions, and family-office-style services to high-net-worth and retail investors across Canada.

Inszone / Lightyear Capital, BHMS Investments
Ares served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Lightyear Capital and BHMS Investments' continued growth plans for Inszone. Inszone is a full-service insurance brokerage firm offering a wide range of property and casualty and employee benefits solutions.

NewEdge Capital / Parthenon Capital 
Ares served as co-lead arranger and joint bookrunner for a senior secured credit facility to support Parthenon Capital's continued growth plans for NewEdge Capital. NewEdge Capital is a wealth management platform that empowers both captive and independent advisors and the families they serve.

Prime Capital / Carlyle
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Carlyle's continued growth plans for Prime Capital Financial. Prime Capital Financial is a rapidly growing, independent wealth management firm serving over 25,000 households and 1,000 enterprises nationwide.

Steward Partners Global Advisory / Cynosure, The Pritzker Organization
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support Cynosure and The Pritzker Organization's continued growth plans for Steward Partners. Steward Partners is an independent, advisory-centric hybrid wealth management platform serving HNW individuals across the U.S.

Tactacam / GTCR
Ares served as administrative agent and joint lead arranger for a senior secured credit facility to support GTCR's acquisition of Tactacam. Tactacam is a provider of cellular-connected trail and security cameras to over one million subscribers across the United States.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2026, Ares Management Corporation's global platform had approximately $691 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Investor Relations:
irares@ares.com

Media:
media@ares.com

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SOURCE Ares Management Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much U.S. direct lending did Ares close in the third quarter of 2026?

Ares Credit funds closed approximately $6.3 billion in U.S. direct lending commitments across 55 transactions during the third quarter of 2026.

How much U.S. direct lending did Ares close in the 12 months ended September 30, 2026?

Ares Credit funds closed approximately $43.4 billion in U.S. direct lending commitments across 314 transactions in the 12 months ended September 30, 2026.