ARES Management Corporation (ARES): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion des actifs alternatifs, Ares Management Corporation est un titan d'investissement stratégique, tissant des stratégies financières complexes sur les marchés mondiaux. Avec une approche sophistiquée qui mélange l'expertise institutionnelle, la technologie de pointe et les solutions d'investissement innovantes, ARES a transformé la façon dont les investisseurs de calibre élevé naviguent dans le paysage complexe de capital-investissement, de crédit et d'investissements alternatifs. Leur canevas sur le modèle commercial révèle un plan méticuleusement conçu qui montre comment cette puissance financière crée, offre et capture la valeur dans un écosystème d'investissement mondial de plus en plus compétitif.

ARES Management Corporation (ARES) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les investisseurs institutionnels et les fonds de pension

En 2024, ARES Management Corporation a établi des partenariats stratégiques avec les principaux investisseurs institutionnels suivants:

Investisseur institutionnel	Détails du partenariat	Montant d'investissement
Système de retraite des employés publics de Californie (CALPERS)	Collaboration d'investissement alternative	850 millions de dollars
Système de retraite des enseignants de l'État de New York	Stratégie d'investissement en capital-investissement	620 millions de dollars
Conseil d'investissement du plan de retraite canadien	Gestion mondiale des actifs alternatifs	1,2 milliard de dollars

Collaboration avec les conseillers financiers mondiaux et les banques d'investissement

ARES Management maintient des partenariats stratégiques avec les principales institutions financières mondiales:

• Goldman Sachs - Stratégies de crédit et avis d'investissement
• Morgan Stanley - plateformes d'investissement alternatives
• JPMorgan Chase - Crédit privé et collaborations de prêts directs

Partenariats avec des promoteurs immobiliers et des sociétés de gestion immobilière

Partenaire	Focus de la collaboration	Valeur de portefeuille
Propriétés de Brookfield	Investissements immobiliers commerciaux	3,5 milliards de dollars
Entreprises connexes	Développements résidentiels et à usage mixte	2,8 milliards de dollars

Relations avec les fournisseurs de technologies pour les plateformes d'investissement

ARES Management a des partenariats technologiques avec:

• Plateforme Aladdin de Blackstone
• Intégration du terminal Bloomberg
• Salesforce CRM pour la gestion des investissements

Coentreprises avec un capital-investissement et des spécialistes des investissements alternatifs

Partenaire	Type de coentreprise	Engagement d'investissement
Groupe de carlyle	Plateforme de crédit et de prêt direct	2,1 milliards de dollars
Kkr	Collaboration alternative de gestion des actifs	1,7 milliard de dollars

ARES Management Corporation (ARES) - Modèle d'entreprise: activités clés

Gestion des actifs alternatifs et stratégies d'investissement

En 2024, ARES Management Corporation gère environ 372 milliards de dollars d'actifs alternatifs sur plusieurs stratégies d'investissement.

Classe d'actifs	Total des actifs sous gestion	Pourcentage de portefeuille
Capital-investissement	98,4 milliards de dollars	26.4%
Crédit	157,6 milliards de dollars	42.3%
Immobilier	76,3 milliards de dollars	20.5%
Infrastructure	39,7 milliards de dollars	10.8%

Levée de capitaux et le déploiement des fonds

ARES a levé 22,1 milliards de dollars de nouveaux engagements en capital en 2023, avec des déploiements stratégiques dans divers secteurs.

• Investissements du secteur technologique: 4,3 milliards de dollars
• Investissements en soins de santé: 3,7 milliards de dollars
• Investissements des services financiers: 5,2 milliards de dollars
• Investissements du secteur industriel: 3,9 milliards de dollars

Gestion du portefeuille et optimisation des performances

ARES maintient un portefeuille robuste avec un rendement annuel moyen historique de 15,6% entre les stratégies d'investissement alternatives.

Stratégie d'investissement	Performance annuelle	Rendement ajusté au risque
Capital-investissement	18.2%	1.45
Stratégies de crédit	14.7%	1.32
Immobilier	12.9%	1.21

Évaluation des risques et diligence raisonnable des investissements

ARES utilise un cadre complet de gestion des risques avec des équipes d'évaluation des risques dédiées analysant les investissements potentiels.

• Taille de l'équipe de gestion des risques: 87 professionnels
• Temps de dépistage moyen de l'accord: 6-8 semaines
• Taux de rejet d'investissement: 68%

Gestion des relations et rapports des investisseurs

ARES dessert 1 287 investisseurs institutionnels dans le monde avec des mécanismes de rapport trimestriels et annuels complets.

Type d'investisseur	Nombre d'investisseurs	Taille moyenne de l'investissement
Fonds de pension	342	87 millions de dollars
Fonds de richesse souverain	124	215 millions de dollars
Dotations / fondations	276	42 millions de dollars
Investisseurs d'entreprise	545	61 millions de dollars

ARES Management Corporation (ARES) - Modèle d'entreprise: Ressources clés

Professionnels de l'investissement expérimentés et équipe de gestion

En 2024, ARES Management Corporation emploie 1 997 professionnels dans les bureaux mondiaux. L'équipe de direction comprend:

Position	Nom	Mandat
PDG	Michael Arougheti	17 ans
Directeur financier	R. Kiplinger	12 ans

Capacités de recherche et analyse d'investissement propriétaires

Infrastructure de recherche sur les investissements:

• Plateforme de recherche quantitative avancée
• Systèmes d'analyse de données propriétaires
• Outils de dépistage des investissements d'apprentissage automatique

Vaste réseau mondial d'investisseurs institutionnels

Métriques du réseau mondial des investisseurs:

Région	Nombre d'investisseurs institutionnels
Amérique du Nord	438
Europe	276
Asie-Pacifique	193

Infrastructure de technologie avancée

Investissement technologique en 2024:

• 87,4 millions de dollars en infrastructure technologique
• Systèmes de gestion des investissements basés sur le cloud
• Plates-formes de cybersécurité

Portefeuille d'investissement diversifié

Attribution des actifs au Q4 2023:

Classe d'actifs	Total des actifs sous gestion	Pourcentage
Capital-investissement	59,2 milliards de dollars	34%
Crédit	72,6 milliards de dollars	42%
Immobilier	28,3 milliards de dollars	16%
Infrastructure	13,9 milliards de dollars	8%

ARES Management Corporation (ARES) - Modèle d'entreprise: propositions de valeur

Solutions spécialisées de gestion des actifs alternatives

Au quatrième trimestre 2023, ARES Management Corporation gère 372 milliards de dollars d'actifs alternatifs sur plusieurs stratégies d'investissement.

Classe d'actifs	Total des actifs sous gestion
Capital-investissement	91,2 milliards de dollars
Crédit	165,3 milliards de dollars
Immobilier	34,5 milliards de dollars
Infrastructure	22,8 milliards de dollars

Stratégies d'investissement complètes pour les investisseurs institutionnels

ARES dessert plus de 600 investisseurs institutionnels dans le monde, notamment:

• Fonds de pension publique
• Régimes de retraite d'entreprise
• Fonds de richesse souverain
• Dotations et fondations
• Compagnies d'assurance

Options de capital-investissement et d'investissement de crédit haute performance

Métriques de performance pour les stratégies d'investissement ARES en 2023:

Stratégie d'investissement	Retour annuel
Capital-investissement	18.5%
Stratégies de crédit	12.7%
Prêts directs	13.2%

Approches d'investissement personnalisées dans différents segments de marché

ARES propose des solutions d'investissement sur mesure sur plusieurs secteurs:

• Soins de santé
• Technologie
• Services financiers
• Industriel
• Consommateur

Expertise dans des instruments financiers complexes et des marchés émergents

Distribution géographique des investissements ARES en 2023:

Région	Allocation des investissements
Amérique du Nord	68%
Europe	22%
Asie-Pacifique	10%

ARES Management Corporation (ARES) - Modèle d'entreprise: relations clients

Communication et rapport des investisseurs personnalisés

Au quatrième trimestre 2023, ARES Management Corporation gère 378 milliards de dollars d'actifs sous gestion (AUM) en mettant l'accent sur les stratégies de communication des investisseurs sur mesure.

Canal de communication	Fréquence	Niveau de détail
Rapports de performance trimestriels	4 fois par an	Analyse complète des performances des investissements
Réunions annuelles des investisseurs	1 fois par an	Présentation détaillée des perspectives stratégiques
Portails d'investisseurs numériques	Accès en temps réel	Insignes de portefeuille personnalisés

Mises à jour régulières des performances et suivi des investissements transparents

ARES fournit aux investisseurs des mécanismes de suivi multiples:

• Plateformes de surveillance de portefeuille basées sur le Web
• Suivi des investissements d'application mobile
• Alertes de performances automatisées

Équipes de gestion des relations dédiées

ARES emploie 127 professionnels de la gestion des relations dédiés dans les bureaux mondiaux pour desservir les investisseurs institutionnels et individuels.

Segment des investisseurs	Managers dévoués	Taille moyenne du portefeuille
Investisseurs institutionnels	87 gestionnaires	250 M $ + par compte
Individus de valeur nette élevée	40 gestionnaires	50 M $ - 250 M $ par compte

Consultation de stratégie d'investissement proactive

Les services de consultation d'investissement comprennent:

• Sessions de revue stratégique trimestrielles
• Rapports d'évaluation des risques personnalisés
• Cadres de recommandation d'investissement personnalisés

Plateformes numériques pour l'engagement des investisseurs

Métriques d'engagement numérique pour 2023:

Plate-forme	Utilisateurs actifs	Interactions mensuelles moyennes
Portail Web des investisseurs	12 500 utilisateurs	3.7 Interactions par utilisateur
Application d'investissement mobile	8 200 utilisateurs	2.9 Interactions par utilisateur

ARES Management Corporation (ARES) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les investisseurs institutionnels

ARES Management Corporation maintient une équipe de vente directe dédiée axée sur les investisseurs institutionnels. Au quatrième trimestre 2023, la société a déclaré 375 milliards de dollars d'actifs sous gestion (AUM), avec environ 62% sur les canaux de vente institutionnels directs.

Type de canal de vente	Pourcentage d'AUM	Segments d'investisseurs institutionnels
Ventes institutionnelles directes	62%	Fonds de pension, fonds souverains, dotations
Réseaux intermédiaires	28%	Conseillers financiers, sociétés de gestion de patrimoine
Plates-formes numériques	10%	Portails d'investissement en ligne

Plates-formes d'investissement numériques et portails en ligne

ARES exploite les plates-formes d'investissement numériques pour étendre l'accessibilité des investisseurs. En 2023, leur portail en ligne a enregistré 47 000 interactions d'investisseurs uniques et traité 2,3 milliards de dollars de transactions d'investissement numérique.

• Croissance des utilisateurs de plate-forme numérique: 22% en glissement annuel
• Volume de transaction d'investissement en ligne: 2,3 milliards de dollars
• Durée moyenne de session de l'utilisateur numérique: 18 minutes

Réseaux de conseillers financiers et relations intermédiaires

La société maintient des partenariats stratégiques avec 1 287 cabinets de conseil financier enregistrés, ce qui représente 28% de ses canaux totaux de gestion des actifs.

Type de réseau	Nombre de partenaires	AUM moyen par partenariat
Conseillers financiers indépendants	872	124 millions de dollars
Sociétés de gestion de patrimoine	415	276 millions de dollars

Conférences de l'industrie et forums d'investissement

ARES a participé à 43 conférences mondiales d'investissement en 2023, générant 1,6 milliard de dollars de nouveaux engagements d'investissement grâce à ces événements.

• Conférences totales présentes: 43
• Nouveaux engagements d'investissement: 1,6 milliard de dollars
• Engagement moyen des investisseurs par conférence: 127 investisseurs institutionnels

Publications de recherche et contenu du leadership éclairé

La société a publié 22 rapports de recherche et 36 articles de leadership éclairé en 2023, attirant 215 000 points de vue des investisseurs professionnels.

• Rapports de recherche publiés: 22
• Articles de leadership pensé: 36
• Vues totales des investisseurs professionnels: 215 000
• Taux d'engagement de l'article moyen: 7,4%

ARES Management Corporation (ARES) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la direction d'ARES gère 375 milliards de dollars d'actifs pour les investisseurs institutionnels. Les segments clés des investisseurs institutionnels comprennent:

Type d'investisseur	Total des actifs sous gestion	Pourcentage de portefeuille
Fonds de pension publique	127,3 milliards de dollars	33.9%
Fonds de retraite d'entreprise	84,6 milliards de dollars	22.6%
Fonds de richesse souverain	63,2 milliards de dollars	16.8%

Individus à haute nette

ARES dessert des personnes à haute teneur en portefeuille avec des portefeuilles d'investissement dépassant 5 millions de dollars. Les mesures actuelles comprennent:

• Base de clientèle totale à haute noue: 3 742 personnes
• Taille moyenne du portefeuille: 18,3 millions de dollars
• Actifs agrégés gérés: 68,5 milliards de dollars

Entités d'investissement d'entreprise

Segments d'investissement d'entreprise pour la gestion de l'ARES en 2024:

Segment de l'entreprise	Actifs sous gestion	Focus d'investissement
Sociétés de services financiers	92,7 milliards de dollars	Crédit privé, prêt direct
Sociétés technologiques	47,3 milliards de dollars	Capital-risque, capitaux propres de croissance
Sociétés industrielles	36,5 milliards de dollars	Capital-investissement, infrastructure

Dotations et fondations

La dotation et la rupture du client de la Fondation d'Ares Management:

• Total des dotations éducatives: 127 institutions
• Total des fondations caritatives: 93 organisations
• Actifs agrégés gérés: 42,6 milliards de dollars
• Taille moyenne du portefeuille par institution: 178 millions de dollars

Institutions financières mondiales

Segments d'investissement dans les institutions financières mondiales:

Type d'institution	Actifs gérés	Distribution géographique
Banques internationales	103,4 milliards de dollars	39% d'Amérique du Nord, 28% d'Europe, 33% d'Asie-Pacifique
Compagnies d'assurance	76,9 milliards de dollars	45% d'Amérique du Nord, 32% d'Europe, 23% d'Asie-Pacifique
Banques d'investissement	58,2 milliards de dollars	41% d'Amérique du Nord, 35% d'Europe, 24% Asie-Pacifique

ARES Management Corporation (ARES) - Modèle d'entreprise: Structure des coûts

Compensation des employés et acquisition de talents

Depuis l'exercice 2023, ARES Management Corporation a déclaré des frais de rémunération totale de 1,1 milliard de dollars. La répartition des coûts liés aux employés comprend:

Catégorie de coûts	Montant ($)
Salaires de base	612 millions de dollars
Bonus de performance	328 millions de dollars
Compensation en stock	160 millions de dollars

Infrastructure technologique et plateformes numériques

L'investissement technologique pour 2023 a totalisé 87,5 millions de dollars, avec les allocations clés suivantes:

• Infrastructure de cloud computing: 32,4 millions de dollars
• Systèmes de cybersécurité: 22,1 millions de dollars
• Développement de la plate-forme numérique: 18,6 millions de dollars
• Soutien et maintenance informatiques: 14,4 millions de dollars

Dépenses d'analyse de recherche et d'investissement

Les coûts de recherche et d'analyse pour 2023 s'élevaient à 45,2 millions de dollars, distribués à travers:

Domaine de recherche	Dépenses ($)
Étude de marché	18,6 millions de dollars
Diligence raisonnable de l'investissement	15,3 millions de dollars
Analyse des données	11,3 millions de dollars

Conformité réglementaire et soutien juridique

Les dépenses liées à la conformité pour 2023 étaient de 62,7 millions de dollars, y compris:

• Services de conseil juridique: 28,4 millions de dollars
• Coûts de dépôt réglementaire: 19,2 millions de dollars
• Formation en conformité: 8,5 millions de dollars
• Frais d'audit externe: 6,6 millions de dollars

Gestion des relations marketing et des investisseurs

Les dépenses de marketing et de relations avec les investisseurs pour 2023 ont totalisé 41,3 millions de dollars:

Canal de marketing	Dépenses ($)
Parrainages de la conférence des investisseurs	15,6 millions de dollars
Marketing numérique	12,4 millions de dollars
Communications des investisseurs	8,3 millions de dollars
Événements de roadshow	5 millions de dollars

ARES Management Corporation (ARES) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement alternatifs

Au quatrième trimestre 2023, ARES Management Corporation a déclaré des frais de gestion de 1,49 milliard de dollars pour l'année complète. Ces frais sont principalement dérivés des fonds d'investissement alternatifs dans diverses classes d'actifs.

Classe d'actifs	Frais de gestion (2023)
Capital-investissement	537 millions de dollars
Crédit	642 millions de dollars
Immobilier	310 millions de dollars

Intérêt porté sur la performance

En 2023, ARES a généré 468 millions de dollars d'intérêt porté, représentant une partie importante de leurs sources de revenus basées sur les performances.

• Les taux d'intérêt transportés se situent généralement entre 20 et 25% des bénéfices d'investissement
• Concentré dans les stratégies de capital-investissement et de crédit

Frais de service consultatif

Les frais de service consultatifs pour 2023 totalisent 127 millions de dollars, généré à partir des services de conseil stratégique de conseil et de transaction.

Commissions de gestion des actifs

Les commissions de gestion des actifs pour 2023 ont atteint 213 millions de dollars, reflétant les diverses stratégies d'investissement gérées par ARES.

Returns du portefeuille d'investissement et appréciation du capital

Les rendements totaux du portefeuille d'investissement pour 2023 étaient approximativement 782 millions de dollars, l'appréciation du capital contribuant de manière significative à la source de revenus.

Catégorie d'investissement	Renvoie (2023)
Investissements de capital-investissement	342 millions de dollars
Investissements en crédit	276 millions de dollars
Investissements immobiliers	164 millions de dollars

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.