Ares Management has raised €429 million for its Ares European Property Enhancement Partners II, according to a SEC filing. The Los Angeles-headquartered firm began fundraising in 2015 with a €600 million target.
Its previous fund raised $212 million in 2012.
Investors that committed to Ares European Property Enhancement Partners II include the New York State Common Retirement Fund and the Illinois Municipal Retirement Fund.
The fund will target value added opportunities in a diverse number of sectors in Europe.