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Ares Management raises €1.78bn

The Los Angeles-based asset manager closed its fifth European opportunity fund.

Ares Management held a final closing of Ares European Real Estate Fund V at €1.78 billion ($1.98 billion). The fund surpassed its €1.25 billion ($1.39 billion) target as well as capital raised by its predecessor, Ares European Real Estate Fund IV, which closed in December 2014 at €1.10 billion ($1.30 billion).

The diversified opportunity fund launched in September 2017 and received capital commitments from several limited partners including New Mexico State Investment Council and Texas Permanent School Fund.

Based in Los Angeles, Ares Management manages $142 billion in assets as of 30 June. The firm works with several real estate properties throughout North America and Europe across multiple sectors including retail, industrial, office, hospitality and multifamily properties.