Ares Capital Corporation

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Ares Capital is a specialty finance company established in 2004 to provide financing for middle-market acquisitions, recapitalisations, and leveraged buyouts, chiefly in the USA. As of Feb.2019, Ares Capital's portfolio contained 344 companies backed by 167 different private equity firms.ref,ref

Ares Capital is externally managed by Ares Capital Management LLC, a subsidiary of Ares Management Corporation†. Ares Capital Management is a publicly-traded global alternative asset manager, with offices located across the USA, Europe and Asia.ref

Company

Shareholders

Ares Capital Corporation: Total float: 99.1%
Source: MarketScreener.svg, Mar.2020

Ares Management Corporation, was Ares Management LP, Total float: 69.1%
Source: MarketScreener.svg, Mar.2020

Structure

ToDo †
  • Ares Capital Corporation
  • Ares Capital Management LLC, Ares Capital Corporation's investment adviser
  • Ares Management LLC, sole member of Ares Capital Management
  • Ares Operations LLC
  • Ares Partners Management Company LLC
  • Allied Capital Corporation
  • ARCC Odyssey Corp, wholly-owned subsidiary of Ares Capital; merger of Allied Capital with and into Ares Capital

UK Entities:

  • Ares Management Ltd, Ares Management UK Ltd
  • Ares European Loan Management LLP: not a subsidiary, but in which we are indirectly invested and which procures certain services from Ares Management Ltd
  • Ares Management Ltd, Ares Management UK Ltd, Ares European Loan Management LLP

Timeline

ToDo: link, link, link, link, link

Ares Capital's portfolio company, Ivy Hill Asset Management LP, manages 21 vehicles and serves as the sub-manager or sub-servicer for two other vehicles, as of Dec.31.2018.ref


  • Feb.2017: European Capital Fund Management Ltd, the publicly-traded European investment affiliate of § American Capital, was sold to Prince of Liechtenstein Foundation's LGT UK Holdings Ltd (AR-2017, p.6), where it formed the private debt investment centre.ref Funds continued to be managed by the same team.ref,ref,ref
  • Jan.2017: European Capital Fund Management Ltd became a subsidiary of Ivy Hill Asset Management LP, a portfolio company of Ares Capital Corporation.
  • Jan.2017: American Capital Ltd, a publicly-traded private equity firm and global asset manager, was acquired, together with its subsidy European Capital Ltd.ref,ref,ref
  • Jan.2015: Energy Investors Funds, an asset manager in the USA power and energy industry, was acquired by an Ares subsidiary. Energy Investors was incorporated into Ares' Private Equity Group.
  • 2015: First Capital Holdings Inc: An Ares fund acquired First Capital's asset-based lending portfolio.
  • Jun.2014: Keltic Financial Services LLC and Keltic Financial Partners II LP were acquired to help Ares expand into commercial finance and asset-based lending.
  • May.2014: Ares became a publicly traded partnership.
  • 2013: AREA Property Partners LP, a real estate private equity firm, was acquired, and became part of the Real Estate Group.
  • 2012: Ares Commercial Real Estate Corporation: Ares Real Estate Group formed a specialty finance company. ACRE is a real estate investment trustWikipedia-W.svg that provides one-stop financing for middle-market commercial real estate.
  • 2011: Indicus Advisors and Wrightswood, two investments teams.
  • Mar.2010: Allied Capital Corporation, a private equity investment firm, was acquired.ref,ref See Allied CapitalWikipedia-W.svg.
  • May.2007: Abu Dhabi Investment Authority acquired a minority interest in the firm.
  • 2006: Ares Management Ltd was established in the UK as an expansion into European capital markets.
  • 2004: Ares Capital Corporation was created as a specialty finance company for corporate lending activities: MarketScreener. (NASDAQ: ARCC),
  • 2002: Ares Management LP became fully and formally independent.
  • 1997: Ares Management LP was founded by two partners at Apollo Global Management LLC as the successor to Apollo's Lion Advisers business. Although theoretically independent, Ares operated as Apollo's West Coast affiliate.
Sources: Ares History. Ares Management Corporation. Accessed Dec.18.2018.

History

American Capital Ltd

American Capital Asset Management LLC, a portfolio company of American Capital Ltd, merged with Ivy Hill Asset Management LP, a portfolio company of Ares Capital Management LLC. ref, ref, European Capital


  • Oct.2019: ASM Global: SMG and AEG Facilities were merged to form a new company.ref,ref
  •  ??.2017: Ares Management sold SMG to Canadian private equity firm Onex Corporation.
  • Jan.2017: American Capital was sold to Ares Management.
  • Jul.2007: Charles River Laboratories Ashland LLC: WIL Research Laboratories, a provider of product safety toxicological research, metabolism, bioanalytical, pharmacological, and formulation services to the pharmaceutical, biotechnology, chemical, agrochemical, and food products industries, was bought from private equity firm Behrman Capital.ref In Apr.2016, Charles River Laboratories International Inc (MarketScreener-sm.svg) bought WIL Research Laboratories.ref WIL Research's facility in Ashland, Ohio was subsequently renamed as "Charles River Laboratories Ashland LLC".ref WIL Research LaboratoriesWikipedia-W.svg, Website
  • May.2007: PeopleMedia.com: Initially named as "Zencon Technologies LLC", the company was bought by American Capital from its founders.ref The company was sold to Match.com in Jul.2009.ref
  • May.2007: SMG was bought by American Capital. SMG operated ~180 publicly-owned facilities, including 11 major league buildings and 5 NFL stadiums.ref
  • Aug.2005: Aptara Inc: American Capital Ltd made an investment of $45m in TechBooks Inc to support the company's recapitalisation. Later, American Capital and its associates made further investments in the company to support its growth. In Jan.2007, the company was renamed to Aptara Inc.ref In Feb.2012, American Capital sold Aptara Inc to iEnergizer Inc, a publicly-traded UK company providing Business Process Outsourcing solutions.[1][14] American Capital earned 17% compounded annual rate on its investment in Aptara Inc.ref,ref Template:wpL, Website
  • ?date?: SMG[5] was formed as a joint venture in general partnership form with two co-owners, the Hyatt Hotel Company and Aramark Corporation.
ToDo: AEG (Anschutz Entertainment Group)

UP = Ares Capital Corporation (as of Jan.2017)

  • European Capital Asset Management Ltd, [OC], reg. Guernsey
    • European Capital Financial Services Ltd, provides investment advisory services to European Capital Asset Management Ltd, CH