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Bloomberg
Ares Management LLC is preparing to raise an energy and infrastructure investment fund with a $1 billion tar-get, according to people with knowledge of the matter.
The investment firm co-founded by Chief Executive Officer Michael Arougheti has held preliminary talks with investors about raising Ares Energy Investors Fund VI, said the people, who asked not to be identified because they weren’t authorised to speak publicly. Ares closed EIF V last August with about $800 million, having originally targeted $3 billion for the effort when it began fundraising in 2015, according to SEC filings.
Ares could still decide not to create the fund or change the target amount, the people said. An Ares representative didn’t immediately respond to requests for comment.
The Los Angeles-based Ares completed its acquisition of Energy Investor Funds in January 2015 in what Arougheti described as an “accretive, strategically valuable†deal that would allow the firm to offer a wider range of products to backers.