Ares Management said it raised $8.5 billion from institutional investors for its latest specialty credit fund, exceeding the fund’s $6.5 billion target and reaching its hard cap in less than six months after its launch in January 2026.

The fundraising was disclosed as parts of the private markets industry have been dealing with slower inflows from retail and high-net-worth investors, increased redemption requests and concerns about credit quality.

The new fundraise adds to investor commitments for Ares in specialty credit, a segment that focuses on non-traditional and directly originated credit assets.