Ares Management closed its second middle-market distressed credit fund, Ares Special Opportunities Fund II, at its $7.1 billion hard cap, according to a news release.
The new special opportunities strategy seeks to invest in a range of private, special-situation opportunities as well as stressed or distressed public market debt securities. Ares' second fund also is more than double its predecessor, the $3.5 billion Ares Special Opportunities Fund, which closed in 2020.
Investors in Ares Special Opportunities Fund II include $124.9 billion Wisconsin Retirement System, Madison and $5.1 billion Houston Firefighters' Relief and Retirement Fund.
