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ARES
ARES Ares Management (ARES) Q3 FY25 earnings call
Ares Management delivered a record-breaking quarter, driven by unprecedented capital raising and deployment across its diverse investment platform, leading to significant growth in management fees and fee-related earnings. The firm is expanding its global wealth and institutional channels, raising its semi-liquid wealth AUM target, and actively investing in strategic areas like infrastructure and asset-based finance. Management remains confident in its credit portfolios and ability to outperform in various market conditions, including potential credit cycles.
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ARES operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Assets under management (AUM) | $484B+This fundraising momentum helped our assets under management grow by 16% year-over-year to over $484 billion.Source: earnings call transcript | $546BThe first quarter also marked a significant milestone for Ares as we crossed over $0.5 trillion and reached $546 billion of total AUM, including $45 billion of AUM added through the acquisition of GCP.Source: earnings call transcript | $572BAs a result of our strong fundraising, AUM increased to $572 billion, which represents quarter-over-quarter organic growth of 19% on an annualized basis.Source: earnings call transcript | $595B+As a result, AUM increased to more than $595 billion and fee-paying AUM increased to $368 billion, both up 28% year-over-year.Source: earnings call transcript | $622B+This success, along with the closing of our GCP acquisition in March, resulted in AUM growth of 29% over the previous year to reach over $622 billion.Source: earnings call transcript | $644BOur AUM increased 18% year-over-year to $644 billion, and our fee-paying AUM increased 19% to $400 billion.Source: earnings call transcript | ~$671BThis drove 17% year-over-year increases in both our AUM and fee-paying AUM to approximately $671 billion and approximately $410 billion, respectively.Source: earnings call transcript | β |
| Assets under management (AUM) Semi-liquid products | $39B+We now have over $39 billion in AUM across 8 semi-liquid products, and we are well on our way to the $100 billion target that we outlined at our Investor Day last year.Source: earnings call transcript | β | $50B+AUM across our eight semi-liquid products crossed $50 billion, and now seven of our eight products are over $1 billion with our eighth product launched in June, seeing early traction and well on its way.Source: earnings call transcript | β | $66BIn the wealth channel, 2025 was a transformational year with equity flows into our semi-liquid wealth products totaling $16 billion and net flows of $14 billion, which drove our AUM in our semi-liquid wealth products to $66 billion at year-end.Source: earnings call transcript | β | β | β |
| Assets under management (AUM) Semi-liquid European direct lending | β | $3B+Our public and private BDCs combined raised over $4 billion of AUM in the quarter and our semi-liquid European direct lending product raised over $630 million and now stands at over $3 billion in AUM after only 15 months.Source: earnings call transcript | $4.3B+We experienced accelerated inflows from our leading open-ended European direct lending fund, raising over $800 million in the quarter, bringing total AUM in the fund to over $4.3 billion, which we believe makes it the largest fund of its kind in the market.Source: earnings call transcript | β | β | β | β | β |
| Assets under management (AUM) APMF | β | $3B+In private equity secondaries, APMF now has exceeded $3 billion in AUM, and we're also seeing good momentum across our institutional products.Source: earnings call transcript | $3B+APMF raised over $370 million in the quarter and has now surpassed $3 billion in total AUM.Source: earnings call transcript | β | β | β | β | β |
| Assets under management (AUM) Insurance | β | β | $79B+With over $79 billion in insurance AUM across the platform, we have a demonstrated track record of capabilities and performance to enhance returns for Aspida and our third-party insurance clients and we anticipate further growth in this business in the coming years.Source: earnings call transcript | β | $86BAt Aspida, sales volumes totaled $8.8 billion for the year, a 39% increase over 2024, and we continue to see interest from third-party insurance companies as total insurance-related AUM increased 20% year-over-year to $86 billion.Source: earnings call transcript | β | β | β |
| Dry powder | β | β | β | <$150BWe're also seeing the transaction market starting to rebound across many of our investment groups and believe that we are well positioned for new deployment opportunities with nearly $150 billion in dry powder.Source: earnings call transcript | $156BWe're seeing improved conditions for future deployment across a broader range of investment strategies than we have in several years, and we're well prepared to invest with substantial dry powder of $156 billion.Source: earnings call transcript | $158B+Our available capital continues to expand on the back of our strong fundraising and it now stands at over $158 billion.Source: earnings call transcript | $170BThis positions us with a record $170 billion of dry powder and $114 billions of AUM not yet paying fees which sets us up well for future earnings growth.Source: earnings call transcript | β |
| Assets under management (AUM) Wealth Management | β | β | β | β | $66B+The scale, expansion and diversification of our product suite also drove growth in our Wealth Management business to over $66 billion in AUM, up 69% year-over-year.Source: earnings call transcript | $68BOn a year-over-year basis, our wealth AUM increased 54% to $68 billion.Source: earnings call transcript | $76B+We finished the second quarter with over $76 billion of AUM in our Wealth products and even with some noise in the channel, our Wealth AUM increased at an annualized rate of more than 25% quarter-over-quarter.Source: earnings call transcript | β |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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