The Ledger
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DeVeer: Blackstone Held 60% Share in Private Wealth Alternatives Around 2021
“When we were in the midst of negotiating the acquisition, we saw it as an asset that we could unlock, but it was really interesting period of time in 2002 1001, whenever it was, Blackstone, because of their early lead in the market, had a roughly 60, 65% marke…”
deVeer: Ares 20-year charge-offs beat public market default rates
“If you look at our historical charge-offs versus defaults in the public markets, they're just better over a twenty-year period because of that control”
Ares Default Charge-Off Ratio Is Under 5 to 10 Basis Points
“So of course we have a cumulative default charge off ratio, which is very, very low, like under five and 10 basis points for both senior and junior assets.”
DeVeer: Ares Expects 20% of New Capital From Wealth, Trailing Peers
“Most firms like Aries expect that 40% of their capital raising going forward will come from the wealth channel. That's not our expectation, but I mean, I think if we think about sizing new capital on an annual basis, my guess is something like 20% of our forec…”
DeVeer: Retail Alternative Fund Fees Are Identical Across Major Managers
“If you were to launch a non-traded BDC today, you'd say, who are the biggest non-traded BDCs? What are their fees? Boom, by the way, they're all exactly the same, and they haven't moved much. That's true of the other asset classes as well, so everybody's a car…”
DeVeer: Competitors Have Queued Retail Credit Capital to Limit Inflows
“We've actually seen one or two of our competitors queue credit capital over the last year or two.”
Ares US Direct Lending Netted 12% to 13% Over 20 Years
“Our US direct lending business, I can show someone a hundred plus billion dollar track record over 20 years through market cycles that's generated a net 12 or 13.”
Leveraged Loan Defaults Historically Concentrate in Six to Ten Industries
“So if you decompose the LCD index, it's really obvious where the defaults are. They're in six to 10 industries, and most of the other industries tend to outperform.”
deVeer: Ares Management Reaches About $500 Billion in AUM
“We're about five hundred billion of AUM today.”
DeVeer: Wealth Channel Accounts for $40 Billion of Ares' Total AUM
“So if you look at our roughly five hundred billion of AUM today, about Forty billion of that is from the wealth channel.”
DeVeer: Retail Credit Funds Are Ares' Largest and Fastest-Growing Products
“The funds that we have in the retail channel and credit are not surprisingly the largest ones that we manage and are growing the quickest.”
Ares Manages Over $360B in AUM With $250B in Credit
“So Aries today is about 2600 people. We have 30 offices. The rough breakdown today is about 700 in New York, 700 in L.A. And about 400 in London. And then the balance are either folks out originating new deals or looking for clients. 360 something billion of A…”
Ares Managed $3B in CLOs With Just 65 Employees in 2004
“But at the time when I got there, it was about 65 people. It was LA only. I think we managed probably three billion of CLO money, largely bank loans, but some high yield in there too, because they were all market value CLOs. And Tony and Ben Rosenthal were get…”