ARES Management Corporation (ARES): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão alternativa de ativos, a Ares Management Corporation é um titã de investimento estratégico, tecendo estratégias financeiras complexas nos mercados globais. Com uma abordagem sofisticada que combina experiência institucional, tecnologia de ponta e soluções inovadoras de investimento, a ARES transformou como os investidores de alto calibre navegam no intrincado cenário de private equity, crédito e investimentos alternativos. Seu modelo de negócios Canvas revela um plano meticulosamente criado que demonstra como essa potência financeira cria, entrega e captura valor em um ecossistema de investimento global cada vez mais competitivo.

ARES Management Corporation (ARES) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com investidores institucionais e fundos de pensão

A partir de 2024, a Ares Management Corporation estabeleceu parcerias estratégicas com os seguintes investidores institucionais seguintes:

Investidor institucional	Detalhes da parceria	Valor do investimento
Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)	Colaboração de investimentos alternativos	US $ 850 milhões
Sistema de Aposentadoria dos Professores do Estado de Nova York	Estratégia de investimento em private equity	US $ 620 milhões
Conselho de Investimento do Plano de Pensões do Canadá	Gerenciamento de ativos alternativos globais	US $ 1,2 bilhão

Colaboração com consultores financeiros globais e bancos de investimento

A Ares Management mantém parcerias estratégicas com as principais instituições financeiras globais:

• Goldman Sachs - Estratégias de crédito e consultoria de investimento
• Morgan Stanley - plataformas de investimento alternativas
• JPMorgan Chase - Crédito privado e colaborações de empréstimos diretos

Parcerias com promotores imobiliários e empresas de gerenciamento de propriedades

Parceiro	Foco de colaboração	Valor do portfólio
Propriedades de Brookfield	Investimentos imobiliários comerciais	US $ 3,5 bilhões
Empresas relacionadas	Desenvolvimentos residenciais e de uso misto	US $ 2,8 bilhões

Relacionamento com provedores de tecnologia para plataformas de investimento

A Ares Management tem parcerias de tecnologia com:

• Plataforma Aladdin de Blackstone
• Integração do terminal da Bloomberg
• Salesforce CRM para gerenciamento de investimentos

Joint ventures com especialistas em private equity e investimentos alternativos

Parceiro	Tipo de joint venture	Compromisso de investimento
Grupo Carlyle	Plataforma de crédito e empréstimo direto	US $ 2,1 bilhões
KKR	Colaboração de gerenciamento de ativos alternativos	US $ 1,7 bilhão

ARES Management Corporation (ARES) - Modelo de negócios: Atividades -chave

Estratégias alternativas de gerenciamento de ativos e investimento

A partir de 2024, a Ares Management Corporation gerencia aproximadamente US $ 372 bilhões em ativos alternativos em várias estratégias de investimento.

Classe de ativos	Total de ativos sob gestão	Porcentagem de portfólio
Private equity	US $ 98,4 bilhões	26.4%
Crédito	US $ 157,6 bilhões	42.3%
Imobiliária	US $ 76,3 bilhões	20.5%
Infraestrutura	US $ 39,7 bilhões	10.8%

Captura de capital e implantação de fundos

A Ares levantou US $ 22,1 bilhões em novos compromissos de capital durante 2023, com implantações estratégicas em vários setores.

• Investimentos do setor de tecnologia: US $ 4,3 bilhões
• Investimentos em saúde: US $ 3,7 bilhões
• Investimentos de Serviços Financeiros: US $ 5,2 bilhões
• Investimentos do setor industrial: US $ 3,9 bilhões

Gerenciamento de portfólio e otimização de desempenho

A ARES mantém um portfólio robusto com um retorno médio anual histórico de 15,6% em estratégias de investimento alternativas.

Estratégia de investimento	Desempenho anual	Retorno ajustado ao risco
Private equity	18.2%	1.45
Estratégias de crédito	14.7%	1.32
Imobiliária	12.9%	1.21

Avaliação de riscos e Due diligence

A ARES emprega uma estrutura abrangente de gerenciamento de riscos com equipes de avaliação de risco dedicadas que analisam possíveis investimentos.

• Tamanho da equipe de gerenciamento de riscos: 87 profissionais
• Tempo médio de triagem de negócios: 6-8 semanas
• Taxa de rejeição de investimentos: 68%

Gerenciamento de relacionamento com investidores e relatórios

A ARES atende 1.287 investidores institucionais globalmente com mecanismos abrangentes de relatórios trimestrais e anuais.

Tipo de investidor	Número de investidores	Tamanho médio de investimento
Fundos de pensão	342	US $ 87 milhões
Fundos soberanos de riqueza	124	US $ 215 milhões
Doações/fundações	276	US $ 42 milhões
Investidores corporativos	545	US $ 61 milhões

ARES Management Corporation (ARES) - Modelo de negócios: Recursos -chave

Profissionais de investimento experientes e equipe de gerenciamento

A partir de 2024, a Ares Management Corporation emprega 1.997 profissionais em escritórios globais. A equipe de liderança inclui:

Posição	Nome	Posse
CEO	Michael Arougheti	17 anos
Diretor Financeiro	R. Kiplinger	12 anos

Recursos de pesquisa e análise de investimento proprietários

Infraestrutura de pesquisa de investimento:

• Plataforma de pesquisa quantitativa avançada
• Sistemas de análise de dados proprietários
• Ferramentas de triagem de investimento de aprendizado de máquina

Extensa rede global de investidores institucionais

Métricas globais de rede de investidores:

Região	Número de investidores institucionais
América do Norte	438
Europa	276
Ásia-Pacífico	193

Infraestrutura de tecnologia avançada

Investimento de tecnologia em 2024:

• US $ 87,4 milhões em infraestrutura tecnológica
• Sistemas de gerenciamento de investimentos baseados em nuvem
• Plataformas de segurança cibernética

Portfólio de investimentos diversificado

Alocação de ativos a partir do quarto trimestre 2023:

Classe de ativos	Total de ativos sob gestão	Percentagem
Private equity	US $ 59,2 bilhões	34%
Crédito	US $ 72,6 bilhões	42%
Imobiliária	US $ 28,3 bilhões	16%
Infraestrutura	US $ 13,9 bilhões	8%

ARES Management Corporation (ARES) - Modelo de Negócios: Proposições de Valor

Soluções de gerenciamento de ativos especializados

A partir do quarto trimestre 2023, a Ares Management Corporation gerencia US $ 372 bilhões em ativos alternativos em várias estratégias de investimento.

Classe de ativos	Total de ativos sob gestão
Private equity	US $ 91,2 bilhões
Crédito	US $ 165,3 bilhões
Imobiliária	US $ 34,5 bilhões
Infraestrutura	US $ 22,8 bilhões

Estratégias abrangentes de investimento para investidores institucionais

Ares atende a mais de 600 investidores institucionais em todo o mundo, incluindo:

• Fundos de pensão pública
• Planos de pensão corporativa
• Fundos soberanos de riqueza
• Doações e fundações
• Companhias de seguros

Opções de private equity e investimento de crédito de alto desempenho

Métricas de desempenho para estratégias de investimento da ARES em 2023:

Estratégia de investimento	Retorno anual
Private equity	18.5%
Estratégias de crédito	12.7%
Empréstimos diretos	13.2%

Abordagens de investimento personalizadas em diferentes segmentos de mercado

A ARES oferece soluções de investimento personalizado em vários setores:

• Assistência médica
• Tecnologia
• Serviços financeiros
• Industrial
• Consumidor

Experiência em instrumentos financeiros complexos e mercados emergentes

Distribuição geográfica dos investimentos da ARES em 2023:

Região	Alocação de investimento
América do Norte	68%
Europa	22%
Ásia-Pacífico	10%

ARES Management Corporation (ARES) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação personalizada de investidores e relatórios

A partir do quarto trimestre 2023, a Ares Management Corporation gerencia US $ 378 bilhões em ativos sob gestão (AUM), com foco em estratégias de comunicação de investidores personalizados.

Canal de comunicação	Freqüência	Nível de detalhe
Relatórios trimestrais de desempenho	4 vezes por ano	Análise abrangente de desempenho do investimento
Reuniões anuais de investidores	1 tempo por ano	Apresentação detalhada da perspectiva estratégica
Portais de investidores digitais	Acesso em tempo real	Insights personalizados do portfólio

Atualizações regulares de desempenho e rastreamento transparente de investimento

A ARES fornece aos investidores vários mecanismos de rastreamento:

• Plataformas de monitoramento de portfólio baseadas na Web
• Rastreamento de investimento de aplicativos móveis
• Alertas de desempenho automatizados

Equipes de gerenciamento de relacionamento dedicadas

Ares emprega 127 Profissionais dedicados de gerenciamento de relacionamento Em todos os escritórios globais para atender investidores institucionais e individuais.

Segmento de investidores	Gerentes dedicados	Tamanho médio do portfólio
Investidores institucionais	87 gerentes	US $ 250M+ por conta
Indivíduos de alto patrimônio líquido	40 gerentes	US $ 50 milhões a US $ 250M por conta

Consulta de estratégia de investimento proativo

Os serviços de consulta de investimento incluem:

• Sessões trimestrais de revisão estratégica
• Relatórios de avaliação de risco personalizado
• Estruturas de recomendação de investimento personalizadas

Plataformas digitais para engajamento de investidores

Métricas de engajamento digital para 2023:

Plataforma	Usuários ativos	Interações mensais médias
Portal da web do investidor	12.500 usuários	3.7 Interações por usuário
Aplicativo de investimento móvel	8.200 usuários	2.9 Interações por usuário

ARES Management Corporation (ARES) - Modelo de Negócios: Canais

Equipe direta da equipe de vendas direcionando investidores institucionais

A Ares Management Corporation mantém uma equipe de vendas direta dedicada focada em investidores institucionais. A partir do quarto trimestre de 2023, a empresa registrou US $ 375 bilhões em ativos sob gestão (AUM), com aproximadamente 62% provenientes de canais de vendas institucionais diretos.

Tipo de canal de vendas	Porcentagem de AUM	Segmentos de investidores institucionais
Vendas institucionais diretas	62%	Fundos de pensão, fundos soberanos de riqueza, doações
Redes intermediárias	28%	Consultores financeiros, empresas de gerenciamento de patrimônio
Plataformas digitais	10%	Portais de investimento on -line

Plataformas de investimento digital e portais online

A ARES utiliza plataformas de investimento digital para expandir a acessibilidade dos investidores. Em 2023, seu portal on -line registrou 47.000 interações exclusivas para investidores e processou US $ 2,3 bilhões em transações de investimento digital.

• Crescimento do usuário da plataforma digital: 22% YOY
• Volume de transação de investimento on -line: US $ 2,3 bilhões
• Duração média da sessão do usuário digital: 18 minutos

Redes de consultores financeiros e relacionamentos intermediários

A Companhia mantém parcerias estratégicas com 1.287 empresas de consultoria financeira registradas, representando 28% de seus canais totais de gerenciamento de ativos.

Tipo de rede	Número de parceiros	Aum médio por parceria
Consultores financeiros independentes	872	US $ 124 milhões
Empresas de gerenciamento de patrimônio	415	US $ 276 milhões

Conferências do setor e fóruns de investimento

A ARES participou de 43 conferências globais de investimento em 2023, gerando US $ 1,6 bilhão em novos compromissos de investimento por meio desses eventos.

• Total de conferências participadas: 43
• Novos compromissos de investimento: US $ 1,6 bilhão
• Engajamento médio dos investidores por conferência: 127 investidores institucionais

Publicações de pesquisa e conteúdo de liderança de pensamento

A empresa publicou 22 relatórios de pesquisa e 36 artigos de liderança de pensamento em 2023, atraindo 215.000 visões profissionais de investidores.

• Relatórios de pesquisa publicados: 22
• Artigos de liderança de pensamento: 36
• Total de visualizações profissionais do investidor: 215.000
• Taxa média de envolvimento do artigo: 7,4%

ARES Management Corporation (ARES) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a ARES Management gerencia US $ 375 bilhões em ativos para investidores institucionais. Os principais segmentos de investidores institucionais incluem:

Tipo de investidor	Total de ativos sob gestão	Porcentagem de portfólio
Fundos de pensão pública	US $ 127,3 bilhões	33.9%
Fundos de pensão corporativa	US $ 84,6 bilhões	22.6%
Fundos soberanos de riqueza	US $ 63,2 bilhões	16.8%

Indivíduos de alta rede

A ARES atende indivíduos de alta rede com carteiras de investimento superiores a US $ 5 milhões. As métricas atuais incluem:

• Base total de clientes de alta rede: 3.742 indivíduos
• Tamanho médio do portfólio: US $ 18,3 milhões
• Ativos agregados gerenciados: US $ 68,5 bilhões

Entidades de investimento corporativo

Segmentos de investimento corporativo para gerenciamento de ARES em 2024:

Segmento corporativo	Ativos sob gestão	Foco de investimento
Corporações de serviços financeiros	US $ 92,7 bilhões	Crédito privado, empréstimo direto
Corporações de tecnologia	US $ 47,3 bilhões	Capital de risco, capital de crescimento
Corporações industriais	US $ 36,5 bilhões	Private equity, infraestrutura

Doações e fundações

A departamento de doações e fundamentos da Ares Management: Fundação:

• Total de doações educacionais: 127 instituições
• Fundações de caridade totais: 93 organizações
• Ativos agregados gerenciados: US $ 42,6 bilhões
• Tamanho médio do portfólio por instituição: US $ 178 milhões

Instituições Financeiras Globais

Segmentos globais de investimento em instituição financeira:

Tipo de instituição	Ativos gerenciados	Distribuição geográfica
Bancos internacionais	US $ 103,4 bilhões	39% da América do Norte, 28% Europa, 33% da Ásia-Pacífico
Companhias de seguros	US $ 76,9 bilhões	45% da América do Norte, 32% Europa, 23% da Ásia-Pacífico
Bancos de investimento	US $ 58,2 bilhões	41% da América do Norte, 35% Europa, 24% da Ásia-Pacífico

ARES Management Corporation (ARES) - Modelo de negócios: estrutura de custos

Compensação de funcionários e aquisição de talentos

No ano fiscal de 2023, a ARES Management Corporation registrou despesas totais de remuneração de US $ 1,1 bilhão. A quebra dos custos relacionados aos funcionários inclui:

Categoria de custo	Valor ($)
Salários da base	US $ 612 milhões
Bônus de desempenho	US $ 328 milhões
Remuneração baseada em ações	US $ 160 milhões

Infraestrutura de tecnologia e plataformas digitais

O investimento em tecnologia para 2023 totalizou US $ 87,5 milhões, com as seguintes alocações -chave:

• Infraestrutura de computação em nuvem: US $ 32,4 milhões
• Sistemas de segurança cibernética: US $ 22,1 milhões
• Desenvolvimento da plataforma digital: US $ 18,6 milhões
• Suporte e manutenção de TI: US $ 14,4 milhões

Despesas de pesquisa e análise de investimento

Os custos de pesquisa e análise para 2023 totalizaram US $ 45,2 milhões, distribuídos:

Área de pesquisa	Despesas ($)
Pesquisa de mercado	US $ 18,6 milhões
Investimento Due Diligence	US $ 15,3 milhões
Análise de dados	US $ 11,3 milhões

Conformidade regulatória e apoio legal

As despesas relacionadas à conformidade em 2023 foram de US $ 62,7 milhões, incluindo:

• Serviços de Consultoria Jurídica: US $ 28,4 milhões
• Custos de arquivamento regulatório: US $ 19,2 milhões
• Treinamento de conformidade: US $ 8,5 milhões
• Taxas de auditoria externa: US $ 6,6 milhões

Gerenciamento de relacionamentos de marketing e investidor

As despesas de marketing e relações com investidores para 2023 totalizaram US $ 41,3 milhões:

Canal de marketing	Gastos ($)
Patrocínios da Conferência de Investidores	US $ 15,6 milhões
Marketing digital	US $ 12,4 milhões
Comunicações de investidores	US $ 8,3 milhões
Eventos de roadshow	US $ 5 milhões

ARES Management Corporation (ARES) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento alternativos

A partir do quarto trimestre de 2023, a Ares Management Corporation registrou taxas de gerenciamento de US $ 1,49 bilhão durante o ano inteiro. Essas taxas são derivadas principalmente de fundos de investimento alternativos em várias classes de ativos.

Classe de ativos	Taxas de gerenciamento (2023)
Private equity	US $ 537 milhões
Crédito	US $ 642 milhões
Imobiliária	US $ 310 milhões

Baseado em desempenho carregou juros

Em 2023, Ares gerado US $ 468 milhões em juros transportados, representando uma parcela significativa de seus fluxos de receita baseados em desempenho.

• As taxas de juros transportadas geralmente variam entre 20-25% dos lucros de investimento
• Concentrado em estratégias de private equity e crédito

Taxas de serviço de consultoria

Taxas de serviço de consultoria para 2023 totalizaram US $ 127 milhões, gerado a partir de serviços de consultoria estratégica e consultoria de transações.

Comissões de gerenciamento de ativos

Comissões de gerenciamento de ativos para 2023 alcançadas US $ 213 milhões, refletindo as diversas estratégias de investimento gerenciadas pela ARES.

Retornos de portfólio de investimentos e valorização de capital

Os retornos totais de portfólio de investimentos para 2023 foram aproximadamente US $ 782 milhões, com a apreciação de capital contribuindo significativamente para o fluxo de receita.

Categoria de investimento	Retornos (2023)
Investimentos de private equity	US $ 342 milhões
Investimentos de crédito	US $ 276 milhões
Investimentos imobiliários	US $ 164 milhões

Ares Management Corporation (ARES) - Canvas Business Model: Value Propositions

You're looking at Ares Management Corporation's value proposition as of late 2025; it's built on scale and diversification, which helps them weather different economic climates. The core promise is delivering flexible capital solutions across the entire market cycle, which you can see reflected in their substantial dry powder.

As of September 30, 2025, Ares Management Corporation had over $150 billion in available capital, ready for deployment. This significant pool of capital, up 19% from the prior year for one reported figure, means they can act decisively when others might be constrained. This ability to provide capital when needed is a major draw for businesses seeking partnership.

The diversification across asset classes is key to managing risk and capturing varied opportunities. This isn't just a credit shop anymore; the integration of the GCP International business has substantially bolstered their Real Assets offering. Here's the quick math on their asset base as of the third quarter of 2025:

Asset Class	Assets Under Management (AUM) (as of Sep 30, 2025)	YoY AUM Growth (Q3 2025)
Total AUM	$596 billion	28%
Credit Group	$391.5 billion	N/A
Real Assets Group	$132.4 billion	N/A
Secondaries	$38.4 billion	N/A

The Real Assets segment saw dramatic growth, partly due to the GCP International acquisition which added $45.3 billion in AUM in the first quarter of 2025 alone. This diversification helps Ares generate consistent, attractive risk-adjusted returns for long-term investors. Their operational efficiency is evident in their fee structure; for the third quarter of 2025, Fee-Related Earnings (FRE) hit $471.2 million on record management fees of $971.8 million. This translated to a healthy FRE margin of 41.4%.

Ares is actively broadening its investor base beyond traditional institutions, recognizing the shift toward democratized alternatives. This push into the retail investor market is being supported by strategic moves, such as the acquisition of a significant minority stake in EP Wealth Advisors. This effort is designed to diversify their investor base and strengthen wealth management capabilities, helping to secure long-term fee earnings stability. They are seeing strong investor interest across their institutional, wealth, and insurance channels.

Finally, the scale and global reach are undeniable, providing a platform advantage, especially in high-conviction sectors like logistics and digital infrastructure following the GCP integration. Ares now has approximately 4,200 employees operating across North America, South America, Europe, Asia Pacific, and the Middle East, with 60+ global offices. In the infrastructure space specifically, they raised over $10 billion across various infrastructure products in the 12 months leading up to Q3 2025. Their digital infrastructure business is substantial, managing several large hyperscale projects that collectively represent over 1GW of IT capacity, with about 500MW currently underway. This defintely positions them as a top-three global owner and operator of logistics assets.

Ares Management Corporation (ARES) - Canvas Business Model: Customer Relationships

You're looking at how Ares Management Corporation (ARES) keeps its capital providers close, which is the whole game in alternative asset management. It's all about deep, long-term relationships, especially with the big institutional players.

Dedicated, high-touch relationship management for institutional Limited Partners (LPs).

The core relationship strategy centers on providing bespoke service to the largest pools of capital. As of September 30, 2025, Ares Management Corporation's global platform directly engaged with approximately ~2,700 institutional relationships. These relationships are the bedrock, supporting the total Assets Under Management (AUM) which stood at $596 billion as of September 30, 2025. The firm's focus on perpetual capital from these channels helps secure a stickier base of AUM.

Long-term, trust-based partnerships to secure repeat fund commitments.

The goal here is to build partnerships that lead to continuous re-ups and increased allocations across Ares Management Corporation's complementary strategies. The success of this is visible in the fundraising momentum; for instance, in Q2 2025, the firm logged more than $26 billion raised in the quarter. Furthermore, Ares Management Corporation expected to meaningfully exceed its previous annual fundraising record of $93 billion in 2025, driven by broad investor demand. This trust translates directly into the fee-related revenue base, with Fee Related Earnings (FRE) growing 26% year-over-year in Q2 2025.

Scalable, technology-enabled service for the growing retail wealth channel.

ARES is actively diversifying its funding sources by scaling up its Ares Wealth Management Solutions (AWMS) platform to reach individual investors. The firm is forecasting AWMS to reach $50 billion in Assets Under Management in 2025, an increase from $40 billion in 2024. This push is strategic, aiming to capitalize on the mass affluent segment, not just the ultra-high-net-worth individuals. The firm also made a move to deepen its wealth channel capabilities by acquiring a significant minority stake in EP Wealth Advisors. Ares Management Corporation has also set an ambitious target for this channel, lifting its year-end 2028 AUM target for AWMS to $125 billion, up from the prior target of $100 billion.

Here's a quick look at the key relationship metrics as of late 2025:

Relationship Metric	Value	As of Date/Period
Direct Institutional Relationships	~2,700	September 30, 2025
Total Assets Under Management (AUM)	$596 billion	September 30, 2025
Fee-Paying AUM	$349.6 billion	Q2 2025
AWMS AUM Forecast	$50 billion	2025
AWMS AUM Target	$125 billion	Year-End 2028

Direct engagement with approximately 2,700 institutional relationships.

This number represents the direct touchpoints with the institutional base, which is crucial for securing large, multi-year fund commitments. The Credit Group, Ares Management Corporation's largest segment, accounted for $377.1 billion in AUM as of Q2 2025. The firm's focus on providing flexible capital across credit, real estate, private equity, and infrastructure is what keeps these relationships engaged across the platform.

The relationship strategy is clearly bifurcated:

• Deep, customized service for the institutional base of ~2,700 relationships.
• Scalable product development for the growing retail segment, targeting $800m in management fees by 2028.
• Securing capital commitments that drive growth, like the $20.2 billion raised in new commitments during Q1 2025.

Finance: draft 13-week cash view by Friday.

Ares Management Corporation (ARES) - Canvas Business Model: Channels

You're looking at how Ares Management Corporation gets its investment products in front of clients, which is a multi-pronged approach spanning the globe and different investor types.

The firm's overall reach is substantial, reporting total Assets Under Management (AUM) of approximately $595.7 billion as of September 30, 2025. This scale is supported by a global platform with operations across North America, South America, Europe, Asia Pacific, and the Middle East.

The physical presence is key to servicing these diverse channels. Ares Management Corporation maintains more than 55 global offices, supported by approximately 4,200 employees as of November 2025.

The primary distribution channels are segmented based on the client type and product structure:

• Direct institutional sales team to pension funds and sovereign wealth funds.
• Ares Wealth Management Solutions (AWMS) for individual investors and advisors.
• Publicly traded vehicles like Business Development Companies (BDCs).
• Non-traded real estate investment trusts (REITs) and semi-liquid funds.
• Global offices across North America, Europe, and Asia Pacific.

The direct institutional channel, largely driven by the Credit Group, is the largest component of the business. This group alone managed $391.5 billion of AUM as of September 30, 2025. Ares Management reports maintaining approximately 2,700 Direct Institutional Relationships.

For the wealth channel, Ares Wealth Management Solutions (AWMS) is a major focus area for growth. AWMS is forecasting its AUM to reach $50 billion in 2025. The firm has set an updated target for its AWMS platform to reach $125 billion in AUM by the end of 2028. This channel targets the mass affluent segment through products like interval funds and European Long-Term Investment Funds.

Publicly traded vehicles offer a distinct route to market, particularly for private credit exposure. The broader Business Development Company (BDC) sector's AUM grew to approximately $450 billion in 2025. Specifically, Ares Capital Corporation, an externally managed BDC under the Ares Management franchise, holds nearly $30 billion in AUM.

The Real Assets Group, which includes real estate and infrastructure, has an AUM of $132.4 billion as of September 30, 2025. This segment accesses investors through various structures, including non-traded REITs in the U.S. and publicly traded REITs in the U.S. and Japan. Furthermore, Ares is actively growing its semi-liquid fund offerings, which are targeted at private wealth, with a goal of $125 billion in AUM for these products by 2028.

The geographic distribution of these channels is supported by a wide physical footprint. Here's a look at the scale by region as of late 2025:

Region	Approximate AUM Contribution (as of 9/30/2025)	Key Investment Focuses Mentioned
Credit Group (Global)	$391.5 billion	U.S., European, and Asia Pacific Direct Lending
Real Assets Group (Global)	$132.4 billion	U.S., Europe, and Japan Real Estate Equity/Debt
Private Equity Group (Global)	$25.1 billion	Corporate Private Equity in North America, Europe, and China
Secondaries Group (Global)	$38.4 billion	Private Equity, Real Estate, Infrastructure, and Credit Secondaries

The firm's strategy relies on collaboration across these groups to enhance deal flow and market insights, which is a key differentiator for all distribution channels.

Ares Management Corporation (ARES) - Canvas Business Model: Customer Segments

As of September 30, 2025, Ares Management Corporation's total Assets Under Management (AUM) stood at approximately $595.7 billion.

The core customer segments providing capital and receiving financing solutions are detailed below with associated financial metrics from late 2025 reporting periods.

Large Institutional Investors (e.g., pension funds, insurance companies, endowments)

This segment represents the largest source of capital for Ares Management Corporation, primarily through commingled funds and separately managed accounts (SMAs).

• Direct Institutional Relationships: Approximately ~2,700 as of September 30, 2025.
• Credit Group AUM: Accounted for $391.5 billion of total AUM as of September 30, 2025.
• Institutional Fundraising Share: Approximately 55% of total fundraising during Q2 2025 came from institutional products (30% directly into commingled funds and 25% into SMAs or open-end institutional fund structures).

Sovereign Wealth Funds and Central Banks

These entities are included within the broader institutional investor base, contributing to the overall capital commitments across Ares Management Corporation's strategies.

High-Net-Worth (HNW) and Retail Investors via wealth solutions push

Ares Management Corporation has a strategic focus on expanding capital raising through its wealth channel.

• Wealth Channel Fundraising: Totaled $7 billion in equity commitments for the first half of 2025.
• Year-over-Year Growth: This H1 2025 wealth channel fundraising represented a 54% increase over the first half of 2024.
• Total New Capital Raised in Q2 2025: $26.2 billion in new capital commitments.

Portfolio Companies (as recipients of flexible capital)

These companies are the counterparties receiving financing solutions from the capital raised from the investor segments above, across Ares Management Corporation's investment groups.

Ares Management Corporation maintained substantial capacity to deploy capital to these companies, evidenced by its available capital, or dry powder.

Metric	Amount as of Late 2025	Reference Period
Total Available Capital (Dry Powder)	Approximately $150 billion	End of Q3 2025
Available Capital in Credit Segment	$100.0 billion	End of Q3 2025
Total Capital Deployed	$31.4 billion	Q1 2025
Credit Group Capital Deployment	$29.7 billion ($16.7 billion drawdown + $13.0 billion perpetual capital vehicles)	Q1 2025

The scale of capital managed for these recipients is reflected in the AUM breakdown by group as of September 30, 2025:

Investment Group	AUM as of September 30, 2025	Percentage of Total AUM
Credit Group	$391.5 billion	(66% of total)
Real Assets Group (Total)	$132.4 billion	N/A
Real Estate (Component of Real Assets)	$109.5 billion	N/A
Secondaries Group	$38.4 billion	N/A
Private Equity Group	$25.1 billion	N/A
Infrastructure	$22.9 billion	N/A

Ares Management Corporation (ARES) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Ares Management Corporation engine, which is how they fund their global operations to manage that massive $572.4 billion in Assets Under Management (AUM) as of June 30, 2025. Honestly, for an asset manager like Ares Management Corporation, the cost structure is dominated by the people who source, manage, and grow that capital.

The total reported expenses for the year ended December 31, 2024, were $2,938,691 thousand (or approximately $2.94 billion). This is the big bucket that covers everything from salaries to office space.

Employee Compensation and Benefits

This is definitely the largest operating expense for Ares Management Corporation, reflecting the high value placed on investment professionals. For the year ended December 31, 2024, Compensation and Benefits totaled $1,731,747 thousand (or about $1.73 billion). This represented a $245,049 thousand (or $245 million) decrease, or 16%, compared to the prior year, primarily due to lower performance-related compensation. Still, the underlying cost base is growing to support scale.

The components driving this expense include:

• The increase in compensation and benefits was driven by higher Part I Fee compensation of $43.1 million, corresponding to the increase in Part I Fees.
• Higher fee related performance compensation of $27.7 million, corresponding to the increase in fee related performance revenues.
• An increase in salary expense of $11.0 million, primarily attributable to headcount growth.
• Equity-based compensation expense increased by $96.9 million from the prior year due to newly issued unvested awards, magnified by the increased stock price.
• Stock-Based Compensation for the fiscal year ending December 31, 2024, was reported at $352.85 million.

General and Administrative (G&A) Costs for Global Office Network and Compliance

General, administrative and other expenses were $736,501 thousand (or about $736.5 million) for the year ended December 31, 2024, which was a 12% favorable change (decrease) from 2023. This category covers the costs of running a global platform, including compliance infrastructure necessary for managing assets across multiple jurisdictions.

Here's a quick look at the major expense categories that feed into G&A and other operating costs for 2024:

Expense Category (Year Ended Dec 31, 2024)	Amount (in thousands USD)	Change from 2023
General, administrative and other expenses	736,501	(76,355)
Expenses of Consolidated Funds	20,879	22,613
Total Expenses (All Categories)	2,938,691	(140,833)

Technology and Data Infrastructure Costs to Support Scale

Supporting the growth in AUM to $572.4 billion as of mid-2025 requires significant investment in the digital backbone. For the year ended December 31, 2024, occupancy costs, information services, and information technology costs collectively increased by $39.7 million compared to the prior year. This increase was explicitly tied to supporting the growing headcount and business expansion, which included costs for the new corporate headquarters occupied beginning in the third quarter of 2024. Furthermore, Ares Management Corporation is actively targeting significant capital raises for digital infrastructure, such as seeking to raise over US$8 billion in equity for data center projects across London, Japan, and Brazil.

Fund-Related Expenses and Investment Professional Compensation

Beyond the direct compensation listed above, fund-related expenses are a distinct cost. Expenses of Consolidated Funds were $20,879 thousand (or about $20.9 million) for 2024, a 52% increase from 2023. Investment professional compensation tied directly to fund performance is captured in the $449,564 thousand (or $449.6 million) in Performance related compensation recorded for 2024, which was a 26% favorable change (decrease) from 2023.

Integration Costs for Acquisitions like GCP International, Offset by Synergies

Ares Management Corporation closed the strategic acquisition of GCP International in March 2025, which significantly expanded the Real Assets Group AUM by 92% year-over-year to $129.8 billion as of Q2 2025. Acquisition-related costs increased by $45.4 million for the year ended December 31, 2024, with the majority related to the GCP Acquisition. For the second quarter of 2025, the first full quarter including GCP, the company reported approximately $10 million of integration costs. Management expects about $6 to $7 million per quarter of these costs will eventually run off over the next 12 months, suggesting a planned reduction in integration-specific spending as synergies are realized. The GCP acquisition contributed $34 million in Fee Related Earnings (FRE) for Q2 2025, achieving a 33% FRE margin on its revenues.

Ares Management Corporation (ARES) - Canvas Business Model: Revenue Streams

You're looking at how Ares Management Corporation actually brings in the money, which is key to understanding its valuation, especially as we move through late 2025. The revenue mix shows a strong reliance on recurring management fees, but the performance fees are what really move the needle when markets are active. Honestly, the core profitability metric, Fee Related Earnings (FRE), tells a very clear story about the underlying business health.

Here's a quick look at the key Q3 2025 figures that define the revenue streams for Ares Management Corporation:

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Growth Mentioned
Management Fees	$971.8 million	28% increase
Carried Interest Allocation	$464.7 million	67% jump from prior year
Fee Related Earnings (FRE)	$471.2 million	39% year-over-year growth
Realized Income (Component of Total Revenue)	$455.5 million	34% increase

The total GAAP revenue for the three months ended September 30, 2025, hit $1.66 billion, a 47% increase compared to the same period in 2024. That growth shows the platform is scaling up well.

The revenue streams are clearly segmented, which helps you see where the stability and the upside potential lie. You want to track these components closely:

• Management Fees (recurring revenue), which hit $971.8 million in Q3 2025.
• Carried Interest Allocation (performance fees), which was $464.7 million in Q3 2025.
• Other Fees, which include transaction and monitoring fees; for example, incentive fees reached $100.7 million in the quarter.
• Investment income from the firm's balance sheet investments, which contributes to the overall realized income figure of $455.5 million.
• Fee Related Earnings (FRE) of $471.2 million in Q3 2025 shows strong core profitability.

The FRE margin is also telling; it was reported at 41.4% for the quarter. That number is what you use to gauge the efficiency of the management fee base. Also, Ares Management Corporation had $150 billion in significant available capital at the end of the third quarter, ready for deployment. That capital base is the engine for future fee and performance income.