Ares Management Corporation said its credit funds delivered record U.S. direct-lending origination activity in the fourth quarter and for the full year 2025, underscoring the scale of the platform, which ended 2025 with more than $622 billion in assets under management.
The firm reported it closed approximately $19.4 billion of U.S. direct lending commitments across 119 transactions in the fourth quarter of 2025. For the 12 months ended December 31, 2025, Ares said it closed approximately $55.0 billion of commitments across 358 transactions, marking a record year for its U.S. direct lending activity.
Ares attributed the quarter’s activity to a broad set of transactions in which it served in lead roles on senior-secured credit facilities supporting acquisitions, recapitalizations, mergers, and growth initiatives.
In selected fourth-quarter deals, Ares backed Bain Capital’s acquisition of Concert Golf Partners, supported Kinderhook’s growth plans for Ecowaste Solutions, financed the combination of Suave Brands Company and Elida Beauty into Evermark, and arranged a facility to support continued growth plans for Moderna. The firm also participated in financing tied to TPG’s acquisition of Pike Corporation, Palladium Equity Partners’ plans for Quirch Foods Holdings, TPG’s recapitalization of Surescripts, and MPE Partners’ take-private acquisition of Renold plc by Webster Industries.
The update comes as Ares continues to position its direct-lending franchise within a broader global alternatives business spanning credit, real estate, private equity, and infrastructure. The firm said that as of December 31, 2025, its global platform managed over $622 billion in assets and operated across North America, South America, Europe, Asia-Pacific, and the Middle East.
