Ares Management Corp ARES disclosed its certain funds managed by its Alternative Credit closed the acquisition of a portfolio from PacWest Bancorp PACW for $3.5 billion.
The portfolio comprises high-quality, senior-secured, asset-backed loans backed by assets across various industries and asset classes. It includes consumer loans, auto loans, asset manager and fund finance loans, commercial real estate loans, and residential real estate loans.
"We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high-quality portfolio of asset-backed loans. Our longstanding relationship with PacWest and our team's ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice," said Jeffrey Kramer, Partner and Portfolio Manager in Alternative Credit.
In April, ARES reported EPS of $0.49 in Q1 2023, with after-tax realized income of $232.0 million.
Price Action: ARES shares are up by 1.80% at $92.04 on the last check Monday.
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