Ares Management has closed $5.3bn for its Infrastructure Secondaries strategy, more than doubling its original $2bn target and marking one of the largest raises ever in the sector. 

The capital includes $3.3bn for its latest vehicle, Ares Secondaries Infrastructure Solutions III (ASIS III), alongside general partner commitments and affiliated vehicles.

ASIS III is over three times larger than its predecessor, reflecting rising investor appetite for infrastructure secondaries. The fund will invest in a diversified portfolio of seasoned private infrastructure assets via GP-led continuation vehicles, preferred equity transactions, and LP interest acquisitions.

“With this latest fundraise, our leading Infrastructure Secondaries team is well-positioned to invest its substantial capital base in attractive value-creation opportunities,” said Blair Jacobson, Co-President of Ares Management. “Over the last four years, our Secondaries business has accelerated its scaling and differentiation to meet the growing demand for creative liquidity solutions.”

Edward Keith III, Partner and Head of Infrastructure Secondaries, added: “As private infrastructure reaches a new phase of growth and the secondaries market becomes increasingly dynamic, we believe managers with experience, scale, and creativity have an unprecedented investment opportunity.”

Ares’ Infrastructure Secondaries platform is part of the firm’s Secondaries Group, which manages $34bn across infrastructure, private equity, real estate, and credit. The firm’s global infrastructure platform, supported by over 130 investment professionals, manages $21bn in assets.

As of June 2025, Ares had $572bn in assets under management across its global platform, which spans North America, South America, Europe, Asia Pacific, and the Middle East.

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