Transaction overview
Ares Management, a leading global alternative investment manager, completed its acquisition of Antares Capital's private credit assets for $1.7 billion on March 30, 2026. The deal was announced simultaneously and structured as an LBO involving the establishment of a continuation vehicle to manage over 300 first lien, floating rate loans originated by Antares. This move aims to provide existing investors with liquidity options while offering new investors access to quality private credit assets managed by Antares.
Deal structure and financing
The transaction was financed entirely through equity raised from Ares Credit Secondaries funds and a commitment from Antares itself, without any debt component. Evercore, GreensLedge, and Moelis & Company acted as financial advisors for the acquirer side, while Moelis & Company LLC advised both sides on the deal structuring. The continuation vehicle is set up to manage a closed-end private credit fund with continued oversight by Antares, ensuring that asset management expertise remains intact post-acquisition.
Strategic context
Ares Management's acquisition of Antares Capital’s private credit assets reflects a strategic move to capitalize on growth opportunities in the alternative investment space while providing existing investors with liquidity options. The deal underscores Ares' commitment to delivering innovative solutions for institutional investors looking to maintain exposure to high-performing private credit portfolios. For Antares, the transaction represents an opportunity to enhance value creation for its stakeholders by leveraging Ares' extensive network and expertise in managing large-scale investment vehicles.
Regulatory path
The acquisition did not require significant regulatory scrutiny due to the nature of the deal as a continuation vehicle focused on managing existing private credit assets rather than merging operations. The primary jurisdictions involved were likely the United States, where both companies are headquartered, ensuring compliance with relevant state and federal financial regulations. Given the private nature of the transaction and its focus on institutional investors, no formal HSR filings or EU antitrust reviews were required for this acquisition.