Ares Strengthens Commitment to Plenitude Through €1 Billion Capital Contribution

Ares’ stake now stands at 26.24%, with joint control alongside Eni and the right to appoint Plenitude’s chairman.

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Reorganization of Plenitude’s capital structure expands Ares’ economic and governance participation in the company

LONDON--(BUSINESS WIRE)-- Ares Management Corporation (NYSE: ARES), a leading global investment manager, announced today that Ares Alternative Credit funds (“Ares”) participated in a reorganization of the shareholding and governance structure of Plenitude through which Ares and Eni S.p.A (“Eni”) upsized their capital contribution by approximately €1.5 billion, of which over €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. Following completion of the transaction, Ares holds 26.24% of Plenitude’s share capital, with Eni holding 65.03% and Energy Infrastructure Partners (“EIP”) as an 8.73% shareholder. Ares first invested in Plenitude in 2025, acquiring a 20% stake in the business for approximately €2 billion.

This transaction is geared towards strengthening Plenitude’s capital structure and introduces an enhanced governance framework that supports the company’s long-term growth ambitions. Ares and Eni will jointly control Plenitude, with Ares appointing three of Plenitude’s Board members – including Stefano Questa as Chairman – and Eni appointing five, including the CEO, and EIP one.

“Our continued commitment to Plenitude underscores our conviction in its long-term growth ambitions,” said Stefano Questa, Partner and Co-Head of European Alternative Credit. “We are also pleased to strengthen our collaboration with Eni and look forward to continuing to work together as we support Plenitude.”

Ares Alternative Credit focuses on asset-based finance and tactical asset investing opportunities beyond traditional markets, such as corporate debt, real estate and private equity. This strategy seeks opportunities in large, diversified portfolios, including specialty finance, lender finance, equipment leasing, structured products, net lease, cash-flow streams – such as royalties, licensing, and management fees – and other asset-focused investments. As of June 30, 2026, Ares Alternative Credit managed assets of approximately $57 billion.

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 June 30, 2026, Ares Management Corporation’s global platform had over $671 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260930306917/en/

Media Contacts
Giles Bethule | Emelia Rice
media.europe@aresmgmt.com

Source: Ares Management Corporation

Key Terms

pre-money equity valuation financial

Value placed on a company’s equity immediately before a new round of outside financing; it represents how much the company is considered worth before the fresh cash is added. It matters because it sets the price per share and determines how much ownership new and existing shareholders will hold after the deal, like agreeing the size of a pie before adding extra slices to be shared among more people.

asset-based finance financial

Asset-based finance is a type of lending where a company borrows money using tangible assets—such as accounts receivable (invoices), inventory, or equipment—as security, similar to using a valuable item as collateral at a pawn shop. Investors care because it affects a firm's access to cash and its risk profile: more asset-backed borrowing can provide quick funding but also ties borrowing limits to the value and liquidity of those assets.

structured products financial

Structured products are custom-made investment packages that combine familiar assets (like stocks or bonds) with contracts whose payouts depend on specific market outcomes, creating a tailored payoff profile — for example extra upside if an index rises or partial protection if it falls. They matter to investors because they can offer bespoke risk-return tradeoffs or capital protection, but carry issuer credit risk, added fees and complexity, and can be hard to value or sell quickly.

net lease financial

A net lease is a real estate lease in which the tenant pays some or all property expenses—such as taxes, insurance and maintenance—in addition to base rent, so the landlord receives a steadier stream of income with fewer variable costs. For investors, net leases can behave like a bond: they offer predictable, long-term cash flow and lower property-management risk, but the investor still faces vacancy, credit and market-value risks.