Changes source

June 10 (Reuters) - Alternative asset manager Ares Management ARES.N said on Wednesday it had raised $8.5 billion for its latest specialty fund, highlighting investor appetite for private credit strategies despite concerns.

The new fund, the third in the company's Pathfinder series, was oversubscribed and closed at its increased hard cap, above the original $6.5 billion target and larger than the $6.6 billion raised for its Pathfinder II fund in 2023.

The fundraising was completed in less than six months, after its launch in January 2026. Ares said its alternative credit platform managed about $57.3 billion of assets as of March 31.

The successful fundraising comes as parts of the private credit industry grapple with slower inflows from retail and wealthy investors, rising redemption requests and concerns about credit quality.

In May, Ares Management reported record ​first-quarter fundraising of about $30 billion.

The asset manager has broadened its investor base, with the number of direct institutional clients surging about 50% from 2022 to 2025.

The Financial Times first reported the fundraising.