Ares Management (ARES) Investor presentation summary

Business overview and scale

• Operates a global alternative investment platform with $644 billion in AUM across five business groups, including credit, real assets, secondaries, private equity, and insurance solutions.

• Employs over 4,400 people, with 1,655+ investment professionals and 60+ global offices.

• Maintains a diversified, management fee-centric, asset-light model with a focus on long-lived, locked-up capital and consistent growth through cycles.

• Over 85% of AUM and 93% of management fees are from perpetual or long-dated funds, supporting earnings stability.

• Institutional and retail investor base is global, with $484 billion AUM in the Americas and $136 billion in retail channels.

Growth, performance, and financial metrics

• Achieved 19% CAGR in AUM and 18% CAGR in management fee revenue over the past 12+ years, with AUM rising from $74 billion in 2013 to $644 billion in Q1 2026.

• Fee-related earnings and realized income have grown at 31% and 27% CAGRs, respectively, since Q1 2021.

• Net accrued performance income increased at a 22% CAGR, reaching $1.1 billion in Q1 2026.

• Management fees remain stable, consistently representing over 80% of total fee revenue.

• Available liquidity is nearly $1 billion, with a strong balance sheet and $4.4 billion in total debt obligations.

Market positioning and opportunities

• Holds leading positions in large, fragmented markets, with a small share of vast addressable markets in credit, real estate, infrastructure, private equity, and secondaries.

• Investors remain under-allocated to alternatives, with alternative assets representing less than 10% of institutional AUM.

• Private credit and private market assets have grown at 14% CAGR over the past decade, with private credit showing higher returns and similar loss rates to liquid markets.

• Capital is consolidating toward the largest managers, with scaled platforms gaining share in both institutional and retail channels.

• Secular tailwinds include bank retrenchment, growing demand for private credit, and innovation in product offerings.