Private credit leader Ares Management significantly expanded its credit fund portfolio in the first quarter, according to its latest 13-F filing with the SEC. The alternative asset manager, which raised a record $30 billion during the period, initiated a $53.3 million stake in medical device manufacturer Integer Holdings.
Ares also took smaller first-time positions in business development companies BlackRock TCP Capital and Carlyle Secured Lending. The firm increased holdings in multiple other BDCs, including Golub Capital BDC and Blue Owl Technology Finance, while adding to its own BDC, Ares Capital Corp. The BDC asset class faces pressure from lending standard concerns and AI disruption risks to software borrowers.
The only divestiture was the liquidation of its stake in New Mountain Finance, which sold a $477 million asset portfolio in February.