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Ares Raises $3.7B for Inaugural Fund Aimed at Sports, Entertainment and Media
Alternative investment manager Ares Management Corporation said Thursday that it had raised $3.7 billion of dedicated capital focused exclusively on investing in sports leagues, sports teams and sports-related franchises, as well as media and entertainment companies.
Ares Sports, Media and Entertainment Finance (SME), Ares’ inaugural fund focused on the sector, includes total equity commitments of nearly $2.2 billion. Including anticipated leverage and related transaction vehicles, the total available capital for SME is expected to be $3.7 billion. The fund was oversubscribed relative to its initial $1.5-billion target.
To date, SME has committed capital to 19 portfolio companies. “We have witnessed significant demand for new and original content among fans, streaming platforms and networks and this has driven sports related businesses to require flexible and scalable capital to help fuel this secular growth,” said Mark Affolter, co-head of U.S. direct lending at Ares.
Pictured: Petco Park, home of the San Diego Padres, one of the commitments of Ares SME. Photo courtesy of Diversified.
- ◦Financing
