Ares scales back private credit vehicle after investor pushback, FT reports
ARES•Ares cuts private credit vehicle size after valuation pushback
Aug. 6 (Reuters) - Ares Management ARES.N was forced to scale back a one billion euro ($1.15 billion) private credit vehicle after investor pushback to the valuation of loans being put into the so-called continuation fund, the Financial Times reported on Thursday, citing people familiar with the matter.
The private credit leader scaled back the size of the vehicle to about €400 million ($461.84 million) after potential backers of the new entity insisted on a steeper discount on the value of the loans than Ares would accept, the report said.
($1 = 0.8661 euros)
