Ares Management Corporation reported a strong third quarter, posting solid earnings and record fundraising as investor demand for private credit and alternative strategies continues to accelerate.

The firm recorded GAAP net income of $288.9m, or $1.15 per share, and after-tax realised income of $425.8m, or $1.19 per share, for the quarter ended 30 September 2025. Fee-related earnings climbed to $471.2m.

Total assets under management rose 28% year-on-year to $596bn, driven by robust inflows and new fund launches across Ares’ private credit, private equity, real estate, and infrastructure businesses. Management fees grew in line with AUM, reflecting the firm’s scale and diversification.

CEO Michael Arougheti described the results as “outstanding,” noting that Ares expects to exceed its previous record of $93bn in annual fundraising. “We now expect to meaningfully exceed our previous annual fundraising record of $93 billion this year, driven by the growing breadth of investor demand across our various investment strategies and distribution channels,” he said.

Ares ended the quarter with $150bn in available capital, positioning it to capture new investment opportunities in private markets globally. CFO Jarrod Phillips added that the firm’s growing fee base and deployment pipeline will “generate future earnings growth.”

Ares declared a quarterly dividend of $1.12 per share, payable on 31 December 2025, alongside a preferred dividend of $0.84375 per share for its Series B convertible preferred stock.

The results reinforce Ares’ status as one of the largest alternative asset managers globally, as private markets continue to attract institutional capital seeking yield, diversification, and stability.

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