Area Raises $5.3 Billion for Infrastructure Secondaries

Ares Management Corporation, a leading global alternative investment manager based in the US, has announced that it has raised approximately $5.3 billion of capital for its Infrastructure Secondaries strategy, inclusive of the final closing of its latest dedicated fund, Ares Secondaries Infrastructure Solutions III (ASIS III), General Partner commitments and affiliated vehicles.

After raising its hard cap, the Fund closed above its initial $2 billion target at approximately $3.3 billion in equity commitments. The Fund is more than three times the size of its 2021 predecessor fund. The total capital raised is among the largest infrastructure secondaries campaigns to date.

Through ASIS III, the Infrastructure Secondaries team aims to invest in a diversified portfolio of seasoned private infrastructure assets through flexible secondary solutions, including preferred structure transactions, General Partner-led continuation vehicles and traditional Limited Partner interest acquisitions.

The Infrastructure Secondaries strategy is part of the Ares Secondaries Group, which has established a more than 30-year track record and managed nearly $34 billion in assets across the infrastructure, real estate, private equity and credit asset classes, as of 30 June 2025.

The Infrastructure Secondaries strategy also leverages the strength of the firm’s Infrastructure platform, which is supported by more than 130 investment professionals managing more than $21 billion in assets, and the firm’s Quantitative Research Group providing insights across private markets.

IS Team Well Positioned

Blair Jacobson, Co-President of Ares, said that with this latest fundraise, the company was confident that its leading Infrastructure Secondaries team was well-positioned to invest its substantial capital base in attractive value-creation opportunities.

“Over the last four years, our Secondaries business has accelerated its scaling and differentiation to meet the growing demand for creative liquidity solutions, leveraging the resources, capabilities and relationships of the global Ares platform. We have continued to emphasize product specialization across asset classes, including infrastructure, as we seek to better support private markets investors through cycles,” Jacobson said.

Edward Keith III, Partner and Head of Infrastructure Secondaries, said that as private infrastructure reached a new phase of growth and the infrastructure secondaries market became increasingly dynamic, they believe managers with experience, scale and creativity have an unprecedented investment opportunity.

“This fundraise is a testament to the strength of the integrated global Ares Secondaries platform and our team’s ability to innovate and find novel capital solutions to solve the challenges faced by Limited Partners and General Partners. We appreciate the outstanding support from our investors, and we look forward to the exciting potential growth ahead,” he added.

Ares Management Corporation 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.

The company seeks to advance its stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for the investors and within its communities.

As of 30 June 2025, Ares Management Corporation’s global platform had over $572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.