Ares Management Corporation said it has raised approximately $7.1 billion of capital for its Credit Secondaries strategy, inclusive of the final closing of its inaugural Ares Credit Secondaries Fund (ACS), affiliated vehicles and anticipated leverage.

With approximately $4 billion in LP equity commitments, the Fund doubled its $2 billion target and represents Ares' largest inaugural institutional fundraise, the alternative investment manager said Tuesday in a press release.

Through ACS, Ares aims to construct a diversified portfolio of predominantly senior secured, private equity-backed and floating-rate private credit portfolios by allocating across LP-led and continuation vehicle transactions in collaboration with asset managers, according ...