Ares Management Eyes Larger Private‑Equity Platform as Fundraising Hits $36 Billion

Ares Management CEO Michael Arougheti said the firm is evaluating whether to expand its private‑equity platform, indicating a “probably yes” if a suitable acquisition emerges. Discussions have included a possible purchase of middle‑market buyout firm Leonard Green & Partners, which would need to add strategic, cultural and financial value.

In the second quarter of 2026, Ares raised more than $36 billion in new capital, a record for the firm, and its dry‑powder reserves rose to $170 billion, about 25% of its total assets under management. The large cash pool gives Ares capacity to fund future acquisitions, refinancings, infrastructure projects and real‑estate deals, and it now has its biggest forward investment pipeline despite a slower transaction environment.