Ares Management Corporation Q3 2025 Earnings Recap

Ares Management Corporation delivered a robust third quarter in 2025, achieving significant growth across its investment strategies, with record fundraising and strong operational metrics.

Key Takeaways

• Management fees increased by 28% year-over-year, while fee-related earnings (FRE) grew by 39%.
• Raised a record $30 billion in new capital during the quarter, contributing to a total of over $105 billion raised in the last 12 months.
• Assets Under Management (AUM) reached $595 billion, with fee-paying AUM at $368 billion, both up 28% year-over-year.
• Ares closed its third infrastructure secondaries fund at $3.3 billion, making it one of the largest in the market, alongside significant momentum in the infrastructure debt sector.
• Low realized loss rates in direct lending strategy remain consistent with a cumulative annual average of just 1 basis point over the past two decades.