Ares Raises $1.7 Billion for Australia Private Credit Fund.

Ares Management Corp. has raised $1.7 billion for a credit fund in Australia and New Zealand, taking advantage of opportunities created by banks reducing leveraged lending. The Ares Asia Direct Lending fund has already deployed over $1.04 billion in loans to various companies, including InvoCare Ltd., Allegro Funds, and BGH Capital's Pushpay. This fund is significant because Australia and New Zealand lack a high-yield bond market and have a limited institutional capital market for high-yield borrowers. The fund includes investments from sovereign wealth funds, pension funds, insurance companies, family offices, and high net worth individuals. [Extracted from the article]