Ares Management reported a broad set of new and enlarged positions in alternative asset vehicles in its quarterly 13-F filing with the U.S. Securities and Exchange Commission.
The filing, covering activity through March 31, details both first-time investments and additional allocations to direct lending and business development company, or BDC, strategies. The firm said earlier in the month that it raised a record $30 billion during the first quarter.
Among the new holdings, Ares initiated a position in medical device maker Integer Holdings that was valued at $53.3 million as of March 31. The filing also shows first-time, smaller investments in two BDCs: BlackRock TCP Capital and Carlyle Secured Lending.
Beyond those new stakes, Ares increased positions in 17 other holdings. Several of those increases were in BDCs, which combine raised equity with leverage to provide loans to small and mid-sized companies. Specifically, the filing records added exposure to Golub Capital BDC and Blue Owl Technology Finance, as well as an additional allocation to Ares' own BDC, Ares Capital Corp.
The filing also records a single disposal: Ares liquidated its stake in New Mountain Finance. The New Mountain vehicle had, in February, sold a portfolio of $477 million in assets.
The BDC asset class is noted in the filing context as facing pressure from investor concerns around lending standards and worries that artificial intelligence could disrupt software businesses that are borrowers for many BDCs. The filing reflects Ares' decisions across a spectrum of direct lending funds and BDC exposures amid those market conversations.
For reference, the filing and related reporting detail the following ticker movements and references: ITGR-1.7% NMFC+0.5% GBDC-0.84% ARCC-0.13% ARES-3.98% TCPC-3.04% CGBD-0.09% OTF+0.04%.
Context and scope
The 13-F disclosure captures Ares' active positioning across private credit and related public vehicles through the end of March, showing a mix of strategic new entries, targeted increases, and a single exit.