Ares Management Corporation (ARES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de activos alternativos, Ares Management Corporation se erige como un titán de inversión estratégica, tejiendo estrategias financieras complejas en los mercados globales. Con un enfoque sofisticado que combina experiencia institucional, tecnología de vanguardia y soluciones de inversión innovadora, Ares ha transformado cómo los inversores de alto calibre navegan el intrincado panorama de capital privado, crédito e inversiones alternativas. Su lienzo de modelo de negocio revela un plan meticulosamente elaborado que demuestra cómo esta potencia financiera crea, ofrece y captura el valor en un ecosistema de inversión global cada vez más competitivo.

ARES Management Corporation (ARES) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con inversores institucionales y fondos de pensiones

A partir de 2024, ARES Management Corporation ha establecido asociaciones estratégicas con los siguientes inversores institucionales clave:

Inversor institucional	Detalles de la asociación	Monto de la inversión
Sistema de jubilación de empleados públicos de California (Calpers)	Colaboración de inversión alternativa	$ 850 millones
Sistema de jubilación de maestros del estado de Nueva York	Estrategia de inversión de capital privado	$ 620 millones
Junta de Inversión del Plan de Pensiones de Canadá	Gestión de activos alternativos globales	$ 1.2 mil millones

Colaboración con asesores financieros y bancos de inversión globales

ARES Management mantiene asociaciones estratégicas con las principales instituciones financieras globales:

• Goldman Sachs - Estrategias de crédito y aviso de inversiones
• Morgan Stanley - plataformas de inversión alternativas
• JPMorgan Chase: colaboraciones de crédito privado y préstamos directos

Asociaciones con desarrolladores inmobiliarios y empresas de administración de propiedades

Pareja	Enfoque de colaboración	Valor de cartera
Brookfield Properties	Inversiones inmobiliarias comerciales	$ 3.5 mil millones
Empresas relacionadas	Desarrollos residenciales y de uso mixto	$ 2.8 mil millones

Relaciones con proveedores de tecnología para plataformas de inversión

ARES Management tiene asociaciones tecnológicas con:

• Plataforma Aladdin de Blackstone
• Integración terminal de Bloomberg
• Salesforce CRM para gestión de inversiones

Empresas conjuntas con capital privado y especialistas en inversión alternativa

Pareja	Tipo de empresa conjunta	Compromiso de inversión
Grupo de Carlyle	Plataforma de préstamos de crédito y directo	$ 2.1 mil millones
KKR	Colaboración alternativa de gestión de activos	$ 1.7 mil millones

ARES Management Corporation (ARES) - Modelo de negocio: actividades clave

Estrategias alternativas de gestión de activos e inversión

A partir de 2024, ARES Management Corporation administra aproximadamente $ 372 mil millones en activos alternativos en múltiples estrategias de inversión.

Clase de activo	Activos totales bajo administración	Porcentaje de cartera
Capital privado	$ 98.4 mil millones	26.4%
Crédito	$ 157.6 mil millones	42.3%
Bienes raíces	$ 76.3 mil millones	20.5%
Infraestructura	$ 39.7 mil millones	10.8%

Aumento de capital y despliegue de fondos

Ares recaudó $ 22.1 mil millones en nuevos compromisos de capital durante 2023, con implementaciones estratégicas en varios sectores.

• Inversiones del sector tecnológico: $ 4.3 mil millones
• Inversiones en salud: $ 3.7 mil millones
• Inversiones de servicios financieros: $ 5.2 mil millones
• Inversiones del sector industrial: $ 3.9 mil millones

Gestión de cartera y optimización del rendimiento

Ares mantiene una cartera robusta con un rendimiento anual promedio histórico de 15.6% en estrategias de inversión alternativas.

Estrategia de inversión	Rendimiento anual	Retorno ajustado por el riesgo
Capital privado	18.2%	1.45
Estrategias de crédito	14.7%	1.32
Bienes raíces	12.9%	1.21

Evaluación de riesgos y diligencia debida de inversión

Ares emplea un marco integral de gestión de riesgos con equipos de evaluación de riesgos dedicados que analizan posibles inversiones.

• Tamaño del equipo de gestión de riesgos: 87 profesionales
• Tiempo promedio de detección de tratos: 6-8 semanas
• Tasa de rechazo de inversión: 68%

Gestión de relaciones de inversores e informes

Ares atiende a 1.287 inversores institucionales a nivel mundial con mecanismos integrales de informes trimestrales y anuales.

Tipo de inversor	Número de inversores	Tamaño de inversión promedio
Fondos de pensiones	342	$ 87 millones
Fondos de riqueza soberana	124	$ 215 millones
Dotaciones/cimientos	276	$ 42 millones
Inversores corporativos	545	$ 61 millones

ARES Management Corporation (ARES) - Modelo de negocios: recursos clave

Profesionales de inversión experimentados y equipo de gestión

A partir de 2024, ARES Management Corporation emplea a 1.997 profesionales en las oficinas globales. El equipo de liderazgo incluye:

Posición	Nombre	Tenencia
CEO	Michael arougheti	17 años
director de Finanzas	R. Kiplinger	12 años

Capacidades de investigación y análisis de inversiones patentadas

Infraestructura de investigación de inversiones:

• Plataforma de investigación cuantitativa avanzada
• Sistemas de análisis de datos patentados
• Herramientas de detección de inversión de aprendizaje automático

Extensa red global de inversores institucionales

Métricas de redes de inversores globales:

Región	Número de inversores institucionales
América del norte	438
Europa	276
Asia-Pacífico	193

Infraestructura de tecnología avanzada

Inversión tecnológica en 2024:

• $ 87.4 millones en infraestructura tecnológica
• Sistemas de gestión de inversiones basados ​​en la nube
• Plataformas de ciberseguridad

Cartera de inversiones diversificada

Asignación de activos a partir del cuarto trimestre 2023:

Clase de activo	Activos totales bajo administración	Porcentaje
Capital privado	$ 59.2 mil millones	34%
Crédito	$ 72.6 mil millones	42%
Bienes raíces	$ 28.3 mil millones	16%
Infraestructura	$ 13.9 mil millones	8%

ARES Management Corporation (ARES) - Modelo de negocio: propuestas de valor

Soluciones especializadas de gestión de activos alternativos

A partir del cuarto trimestre de 2023, ARES Management Corporation administra $ 372 mil millones en activos alternativos en múltiples estrategias de inversión.

Clase de activo	Activos totales bajo administración
Capital privado	$ 91.2 mil millones
Crédito	$ 165.3 mil millones
Bienes raíces	$ 34.5 mil millones
Infraestructura	$ 22.8 mil millones

Estrategias de inversión integrales para inversores institucionales

ARES sirve a más de 600 inversores institucionales a nivel mundial, incluyendo:

• Fondos de pensiones públicas
• Planes de pensiones corporativas
• Fondos de riqueza soberana
• Dotaciones y cimientos
• Compañías de seguros

Opciones de inversión crediticia y capital privado de alto rendimiento

Métricas de rendimiento para las estrategias de inversión ARES en 2023:

Estrategia de inversión	Retorno anual
Capital privado	18.5%
Estrategias de crédito	12.7%
Préstamo directo	13.2%

Enfoques de inversión personalizados en diferentes segmentos de mercado

ARES ofrece soluciones de inversión a medida en múltiples sectores:

• Cuidado de la salud
• Tecnología
• Servicios financieros
• Industrial
• Consumidor

Experiencia en instrumentos financieros complejos y mercados emergentes

Distribución geográfica de las inversiones ARES en 2023:

Región	Asignación de inversión
América del norte	68%
Europa	22%
Asia-Pacífico	10%

ARES Management Corporation (ARES) - Modelo de negocios: relaciones con los clientes

Comunicación e informes personalizados de los inversores

A partir del cuarto trimestre de 2023, ARES Management Corporation administra $ 378 mil millones en activos bajo administración (AUM) con un enfoque en estrategias de comunicación de inversores a medida.

Canal de comunicación	Frecuencia	Nivel de detalle
Informes de rendimiento trimestrales	4 veces al año	Análisis integral de rendimiento de inversión
Reuniones anuales de inversores	1 vez por año	Presentación detallada de la perspectiva estratégica
Portales de inversores digitales	Acceso en tiempo real	Informes de cartera personalizados

Actualizaciones de rendimiento regulares y seguimiento de inversiones transparentes

ARES proporciona a los inversores mecanismos de seguimiento múltiple:

• Plataformas de monitoreo de cartera basadas en la web
• Seguimiento de inversiones de aplicaciones móviles
• Alertas de rendimiento automatizadas

Equipos dedicados de gestión de relaciones

Ares emplea 127 profesionales dedicados de gestión de relaciones en todas las oficinas globales para servir a los inversores institucionales e individuales.

Segmento de inversores	Gerentes dedicados	Tamaño promedio de la cartera
Inversores institucionales	87 gerentes	$ 250 millones+ por cuenta
Individuos de alto patrimonio	40 gerentes	$ 50M- $ 250M por cuenta

Consulta de estrategia de inversión proactiva

Los servicios de consulta de inversiones incluyen:

• Sesiones trimestrales de revisión estratégica
• Informes de evaluación de riesgos personalizados
• Marcos de recomendación de inversión personalizados

Plataformas digitales para la participación de los inversores

Métricas de compromiso digital para 2023:

Plataforma	Usuarios activos	Interacciones mensuales promedio
Portal web de inversores	12,500 usuarios	3.7 interacciones por usuario
Aplicación de inversión móvil	8.200 usuarios	2.9 interacciones por usuario

ARES Management Corporation (ARES) - Modelo de negocios: canales

Equipo de ventas directo dirigido a inversores institucionales

ARES Management Corporation mantiene un equipo de ventas directo dedicado centrado en inversores institucionales. A partir del cuarto trimestre de 2023, la compañía reportó $ 375 mil millones en activos bajo administración (AUM), con aproximadamente el 62% obtenido a través de canales de ventas institucionales directos.

Tipo de canal de ventas	Porcentaje de AUM	Segmentos de inversores institucionales
Ventas institucionales directas	62%	Fondos de pensiones, fondos de riqueza soberana, dotaciones
Redes intermedias	28%	Asesores financieros, empresas de gestión de patrimonio
Plataformas digitales	10%	Portales de inversión en línea

Plataformas de inversión digital y portales en línea

ARES aprovecha las plataformas de inversión digital para expandir la accesibilidad de los inversores. En 2023, su portal en línea registró 47,000 interacciones únicas de inversores y procesó $ 2.3 mil millones en transacciones de inversión digital.

• Crecimiento del usuario de la plataforma digital: 22% interanual
• Volumen de transacción de inversión en línea: $ 2.3 mil millones
• Duración promedio de la sesión del usuario digital: 18 minutos

Redes de asesores financieros y relaciones intermedias

La Compañía mantiene asociaciones estratégicas con 1.287 firmas de asesoramiento financiero registrado, lo que representa el 28% de sus canales de gestión de activos totales.

Tipo de red	Número de socios	AUM promedio por asociación
Asesores financieros independientes	872	$ 124 millones
Empresas de gestión de patrimonio	415	$ 276 millones

Conferencias de la industria y foros de inversión

Ares participó en 43 conferencias de inversión global en 2023, generando $ 1.6 mil millones en nuevos compromisos de inversión a través de estos eventos.

• Conferencias totales a la que asistieron: 43
• Nuevos compromisos de inversión: $ 1.6 mil millones
• Compromiso promedio de los inversores por conferencia: 127 inversores institucionales

Publicaciones de investigación y contenido de liderazgo de pensamiento

La compañía publicó 22 informes de investigación y 36 artículos de liderazgo de pensamiento en 2023, atrayendo 215,000 opiniones de inversores profesionales.

• Informes de investigación publicados: 22
• Artículos de liderazgo de pensamiento: 36
• Vistas al inversionista profesional total: 215,000
• Tasa promedio de participación del artículo: 7.4%

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

Inversores institucionales

A partir del cuarto trimestre de 2023, ARES Management administra $ 375 mil millones en activos para inversores institucionales. Los segmentos de inversores institucionales clave incluyen:

Tipo de inversor	Activos totales bajo administración	Porcentaje de cartera
Fondos de pensiones públicas	$ 127.3 mil millones	33.9%
Fondos de pensiones corporativas	$ 84.6 mil millones	22.6%
Fondos de riqueza soberana	$ 63.2 mil millones	16.8%

Individuos de alto nivel de red

Ares atiende a personas de alto valor de la red con carteras de inversión superiores a $ 5 millones. Las métricas actuales incluyen:

• Base de cliente total de alto nivel de la red: 3,742 individuos
• Tamaño promedio de la cartera: $ 18.3 millones
• Activos agregados gestionados: $ 68.5 mil millones

Entidades de inversión corporativa

Segmentos de inversión corporativa para la gerencia de ARES en 2024:

Segmento corporativo	Activos bajo administración	Enfoque de inversión
Corporaciones de servicios financieros	$ 92.7 mil millones	Crédito privado, préstamos directos
Corporaciones tecnológicas	$ 47.3 mil millones	Capital de riesgo, capital de crecimiento
Corporaciones industriales	$ 36.5 mil millones	Capital privado, infraestructura

Dotaciones y cimientos

Desglose del cliente de Endowment and Foundation de ARES Management:

• Dotaciones educativas totales: 127 instituciones
• Fundaciones caritativas totales: 93 organizaciones
• Activos agregados gestionados: $ 42.6 mil millones
• Tamaño promedio de la cartera por institución: $ 178 millones

Instituciones financieras globales

Segmentos de inversión de instituciones financieras globales:

Tipo de institución	Activos administrados	Distribución geográfica
Bancos internacionales	$ 103.4 mil millones	39% de América del Norte, 28% Europa, 33% Asia-Pacífico
Compañías de seguros	$ 76.9 mil millones	45% de América del Norte, 32% Europa, 23% Asia-Pacífico
Bancos de inversión	$ 58.2 mil millones	41% de América del Norte, 35% Europa, 24% Asia-Pacífico

ARES Management Corporation (ARES) - Modelo de negocio: Estructura de costos

Compensación de empleados y adquisición de talento

A partir del año fiscal 2023, ARES Management Corporation informó gastos de compensación total de $ 1.1 mil millones. El desglose de los costos relacionados con los empleados incluye:

Categoría de costos	Monto ($)
Salarios base	$ 612 millones
Bonos de rendimiento	$ 328 millones
Compensación basada en acciones	$ 160 millones

Infraestructura tecnológica y plataformas digitales

La inversión tecnológica para 2023 totalizó $ 87.5 millones, con las siguientes asignaciones clave:

• Infraestructura de computación en la nube: $ 32.4 millones
• Sistemas de ciberseguridad: $ 22.1 millones
• Desarrollo de la plataforma digital: $ 18.6 millones
• Soporte y mantenimiento de TI: $ 14.4 millones

Gastos de análisis de investigación e inversiones

Los costos de investigación y análisis para 2023 ascendieron a $ 45.2 millones, distribuidos en todo:

Área de investigación	Gasto ($)
Investigación de mercado	$ 18.6 millones
Diligencia debida de inversión	$ 15.3 millones
Análisis de datos	$ 11.3 millones

Cumplimiento regulatorio y apoyo legal

Los gastos relacionados con el cumplimiento para 2023 fueron de $ 62.7 millones, incluido:

• Servicios de asesoramiento legal: $ 28.4 millones
• Costos de presentación regulatoria: $ 19.2 millones
• Capacitación de cumplimiento: $ 8.5 millones
• Tasas de auditoría externa: $ 6.6 millones

Gestión de la relación de marketing y los inversores

Los gastos de marketing y relaciones con los inversores para 2023 totalizaron $ 41.3 millones:

Canal de marketing	Gasto ($)
Patrocinios de la conferencia de inversores	$ 15.6 millones
Marketing digital	$ 12.4 millones
Comunicaciones de los inversores	$ 8.3 millones
Eventos de carretera	$ 5 millones

ARES Management Corporation (ARES) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de fondos de inversión alternativos

A partir del cuarto trimestre de 2023, ARES Management Corporation informó tarifas de gestión de $ 1.49 mil millones para todo el año. Estas tarifas se derivan principalmente de fondos de inversión alternativos en varias clases de activos.

Clase de activo	Tarifas de gestión (2023)
Capital privado	$ 537 millones
Crédito	$ 642 millones
Bienes raíces	$ 310 millones

Interés llevado a cabo basado en el rendimiento

En 2023, Ares generó $ 468 millones en intereses conllevados, que representa una parte significativa de sus flujos de ingresos basados ​​en el rendimiento.

• Las tasas de interés transportadas generalmente oscilan entre el 20 y el 25% de las ganancias de la inversión
• Concentrado en estrategias de capital privado y crediticio

Tarifas de servicio de asesoramiento

Las tarifas de servicio de asesoramiento para 2023 totalizaron $ 127 millones, Generado a partir de servicios de consultoría estratégica y asesoría de transacciones.

Comisiones de gestión de activos

Comisiones de gestión de activos para 2023 alcanzadas $ 213 millones, reflejando las diversas estrategias de inversión administradas por Ares.

Rendimientos de la cartera de inversiones y apreciación de capital

Los rendimientos totales de la cartera de inversiones para 2023 fueron aproximadamente $ 782 millones, con la apreciación de capital, contribuyendo significativamente al flujo de ingresos.

Categoría de inversión	Devuelve (2023)
Inversiones de capital privado	$ 342 millones
Inversiones de crédito	$ 276 millones
Inversiones inmobiliarias	$ 164 millones

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.