Research · Sep 3, 2026
[ARES] Ares Management Thesis 2026: AUM Crosses Six Hundred Billion on Record Capital Raise
Ares Management FY25 (Dec 31, 2025) at $6.47B revenue (+67%). NI $527M; EPS $1.96. Crossed $600B AUM (+29% to $622B). Record $113B fundraising in 2025 ($36B Q4). Q4 deployment record $46B. Credit Group $65B+ raised. Real Estate $16B+. Infrastructure $7B+. Secondaries $12.9B (AUM +45%). FY26 fundraising as good or better; FRE margin at high end of 0-150bp annual target.