Ares’ dry powder climbs to a record $170 billion as of June 30, 2026
AI Market Summary
Ares Management reported record fundraising and AUM growth, but deployment lagged sharply, leaving $170B of dry powder (25% of assets) and a large share of new assets not yet fee-paying. The mismatch between inflows and direct lending volume signals slower private-credit deal flow and delays fee monetization, which can temper broader risk appetite toward alternative credit managers despite strong investor demand.
Impact level
● Low
Affected assets
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● Neutral
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Ares Management’s dry powder reached a record $170 billion as of June 30, 2026, representing about 25% of its $671.3 billion in assets under management. The firm raised more than $36 billion in new capital during the quarter, while direct lending totaled just $8.2 billion, or 16% of the trailing-year pace. Pathfinder Fund III closed at $8.5 billion, about 31% above its target.
