Key Takeaways
- Geography: United States.
Analysis
Ares Management Corporation, a global alternative investment firm, has raised approximately $5.3 billion in capital for its infrastructure secondaries strategy, including the final closing of its dedicated fund, Ares Secondaries Infrastructure Solutions III (ASIS III).
The fund exceeded its initial $2 billion target with equity commitments of around $3.3 billion. The total capital raised is among the largest ever in the infrastructure secondaries space, and the new fund is more than three times the size of its 2021 predecessor.
Through ASIS III, Ares aims to invest in a diversified portfolio of mature infrastructure assets via flexible secondary strategies, including preferred-structure transactions, GP-led continuation vehicles, and traditional LP interest acquisitions.
“With this latest fundraise, we are confident that our leading Infrastructure Secondaries team is well-positioned to invest its substantial capital base,” said Blair Jacobson, Co‑President of Ares. He noted the firm’s Secondaries business had scaled significantly, meeting the rising demand for creative liquidity solutions across market cycles.
Edward Keith III, Partner and Head of Infrastructure Secondaries, added that as the infrastructure secondaries market evolves, “managers with experience, scale and creativity” hold a unique opportunity. He emphasized that ASIS III’s success underscores the strength of Ares’ integrated platform and its ability to innovate in structuring capital solutions.
The Infrastructure Secondaries strategy is part of Ares’ broader Secondaries Group, which, as of mid‑2025, manages nearly $34 billion in assets across infrastructure, private equity, real estate, and credit. The infrastructure side leverages the firm’s broader infrastructure platform, supported by over 130 investment professionals and interconnected with Ares’ quantitative research capabilities.
ASIS III is domiciled in the U.S. (Delaware), Cayman Islands and Luxembourg, and is managed out of Ares’ infrastructure secondaries team based in Los Angeles. Prior to final close, the fund had already crossed its interim $2 billion commitment threshold, a milestone shared in its earnings updates earlier in 2025.
This fundraising arrives amid broader momentum in the infrastructure secondaries market. Ares has consistently emphasized specialization by asset class and innovation in transaction forms, positioning itself to support LPs and GPs seeking liquidity in mature infrastructure investments. The success of ASIS III reinforces Ares’ role as a leader in secondary market solutions across geographies including North America, Europe, and Asia.
With this capital in hand, Ares is prepared to deploy into a robust pipeline of secondary opportunities across infrastructure sectors such as energy transition, digital infrastructure, transportation, and utilities. The firm’s emphasis on scale, structuring flexibility, and deep domain expertise may prove crucial in delivering risk‑adjusted returns to its investors in this growing segment of the private markets.