Piper Sandler starts Ares, Carlyle with overweight ratings
ARES•Piper Sandler initiated coverage of Ares Management and Carlyle Group with overweight ratings. The brokerage cited Ares’ credit platform and Carlyle’s improving growth areas, while noting the alternative asset sector’s fundamentals are healthier than headlines suggest.
1. Coverage begins
Piper Sandler initiated coverage of Ares Management and Carlyle Group with overweight ratings. It described Ares as a premium alternative asset manager with a premier credit platform and said improving direct lending could benefit credit management fees in the near term.
2. Carlyle outlook
Piper said Carlyle’s growth is slower than peers but its outlook is strong and its valuation an attractive entry point. “We view Carlyle as too cheap to ignore with improving growth areas and attractive 2028 targets that should lead to multiple expansion if met,” the brokerage said.
3. Sector themes
Piper said alternative assets remain an underperformer, though fundamentals are healthier than headlines weighing on the sector. It also identified digital infrastructure and AI as long-term growth themes that could create significant capital deployment opportunities in coming quarters and years. At the last close, Carlyle was down about 32.5% year to date and Ares about 24.8%.
