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Is Ares Management on Track to Hit Its $750B AUM Target by 2028?
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Key Takeaways
Ares Management's AUM reached $671.3 billion, or 89.5% of its $750 billion 2028 target.
Fee-paying AUM rose 17% year over year to $409.9 billion, strengthening its recurring fee base.
BlueCove and GCP International acquisitions expanded Ares' capabilities and added new AUM growth avenues.
Ares Management Corporation’s (ARES - Free Report) expanding asset base highlights the strength of its alternative investment platform. With assets under management (AUM) of $671.3 billion as of June 30, 2026, the company has reached approximately 89.5% of its $750-billion AUM target for 2028, unveiled at its 2024 Investor Day.
Strong historical AUM growth provides a solid foundation for reaching the target. The company’s diversified offerings across Credit, Real Assets, Secondaries and Private Equity provide multiple avenues for capital raising and deployment across market cycles. This broad platform has supported sustained asset growth, with AUM recording a six-year compound annual growth rate (CAGR) of 26.9% during 2019-2025. Growth has continued in the first half of 2026, with fee-paying AUM increasing 17% year over year to $409.9 billion as of June 30, 2026. The expanding fee-paying asset base strengthens recurring fee-generation potential and provides a foundation for future revenue growth.
Fundraising momentum remains a key driver of organic AUM growth. ARES expects another record fundraising year in 2026, supported by successor funds in direct lending and continued demand from institutional and wealth clients. Strong fundraising is expected to help the company raise new capital, expand its fee-paying asset base and support recurring management fee revenues.
Inorganic expansion provides another source of growth. The acquisition of BlueCove in February 2026 expanded ARES’ systematic fixed-income capabilities and added approximately $5.5 billion of AUM. Earlier, the March 2025 acquisition of GCP International strengthened its real assets and digital infrastructure capabilities. ARES continues to pursue partnerships, joint ventures and other strategic initiatives to expand its investment capabilities and distribution reach. These initiatives complement organic growth by adding new capabilities, broadening distribution and providing additional avenues for AUM expansion.
However, Ares Management’s growth trajectory remains subject to market and fundraising conditions. Volatility in private credit, shifts in investor sentiment and a cautious institutional environment could temporarily moderate fundraising, deployment activity and AUM growth. Yet, strong historical AUM growth, rising fee-paying assets, a robust fundraising pipeline and expanding institutional and wealth channels position ARES well to advance toward its 2028 AUM target. Organic growth initiatives and potential inorganic expansion further support its long-term AUM growth prospects.
How Is Ares Performing Against Its Peers on AUM Growth?
Similar to Ares Management, its peers, Apollo Global Management (APO - Free Report) and KKR & Co. (KKR - Free Report) , are witnessing strong AUM growth, supported by fundraising, capital formation and strategic expansion.
Apollo Global Management’s AUM recorded a CAGR of 19.6% during 2022-2025, with the rising trend continuing in the first half of 2026. Its AUM reached $1.05 trillion as of June 30, 2026, up 25% year over year, driven by strong capital formation and Retirement Services inflows. Fee-earning AUM also increased 34% year over year, supported by fundraising across credit and equity strategies and continued growth in Athene. By 2029, Apollo Global Management expects total AUM to reach almost $1.5 trillion by scaling its private equity business.
KKR is also witnessing strong AUM growth. Its AUM recorded a five-year CAGR of 24.2% during 2020-2025, with the rising trend continuing in the first half of 2026. Strong fundraising has been a key growth driver, with KKR raising $305 billion since the start of 2024, surpassing its three-year $300 billion target ahead of schedule. Strategic acquisitions, including Arctos Partners and HealthCare Royalty Partners, have further expanded its investment platform and AUM. KKR aims to reach at least $1 trillion in AUM by 2030.
ARES’s Price Performance & Zacks Rank
The company’s shares have gained 23.5% in the past six months compared with the industry’s 13.3% rise.
View the Zacks #1 Rank List
Image: Bigstock
Is Ares Management on Track to Hit Its $750B AUM Target by 2028?
Key Takeaways
Ares Management Corporation’s (ARES - Free Report) expanding asset base highlights the strength of its alternative investment platform. With assets under management (AUM) of $671.3 billion as of June 30, 2026, the company has reached approximately 89.5% of its $750-billion AUM target for 2028, unveiled at its 2024 Investor Day.
Strong historical AUM growth provides a solid foundation for reaching the target. The company’s diversified offerings across Credit, Real Assets, Secondaries and Private Equity provide multiple avenues for capital raising and deployment across market cycles. This broad platform has supported sustained asset growth, with AUM recording a six-year compound annual growth rate (CAGR) of 26.9% during 2019-2025. Growth has continued in the first half of 2026, with fee-paying AUM increasing 17% year over year to $409.9 billion as of June 30, 2026. The expanding fee-paying asset base strengthens recurring fee-generation potential and provides a foundation for future revenue growth.
Fundraising momentum remains a key driver of organic AUM growth. ARES expects another record fundraising year in 2026, supported by successor funds in direct lending and continued demand from institutional and wealth clients. Strong fundraising is expected to help the company raise new capital, expand its fee-paying asset base and support recurring management fee revenues.
Inorganic expansion provides another source of growth. The acquisition of BlueCove in February 2026 expanded ARES’ systematic fixed-income capabilities and added approximately $5.5 billion of AUM. Earlier, the March 2025 acquisition of GCP International strengthened its real assets and digital infrastructure capabilities. ARES continues to pursue partnerships, joint ventures and other strategic initiatives to expand its investment capabilities and distribution reach. These initiatives complement organic growth by adding new capabilities, broadening distribution and providing additional avenues for AUM expansion.
However, Ares Management’s growth trajectory remains subject to market and fundraising conditions. Volatility in private credit, shifts in investor sentiment and a cautious institutional environment could temporarily moderate fundraising, deployment activity and AUM growth. Yet, strong historical AUM growth, rising fee-paying assets, a robust fundraising pipeline and expanding institutional and wealth channels position ARES well to advance toward its 2028 AUM target. Organic growth initiatives and potential inorganic expansion further support its long-term AUM growth prospects.
How Is Ares Performing Against Its Peers on AUM Growth?
Similar to Ares Management, its peers, Apollo Global Management (APO - Free Report) and KKR & Co. (KKR - Free Report) , are witnessing strong AUM growth, supported by fundraising, capital formation and strategic expansion.
Apollo Global Management’s AUM recorded a CAGR of 19.6% during 2022-2025, with the rising trend continuing in the first half of 2026. Its AUM reached $1.05 trillion as of June 30, 2026, up 25% year over year, driven by strong capital formation and Retirement Services inflows. Fee-earning AUM also increased 34% year over year, supported by fundraising across credit and equity strategies and continued growth in Athene. By 2029, Apollo Global Management expects total AUM to reach almost $1.5 trillion by scaling its private equity business.
KKR is also witnessing strong AUM growth. Its AUM recorded a five-year CAGR of 24.2% during 2020-2025, with the rising trend continuing in the first half of 2026. Strong fundraising has been a key growth driver, with KKR raising $305 billion since the start of 2024, surpassing its three-year $300 billion target ahead of schedule. Strategic acquisitions, including Arctos Partners and HealthCare Royalty Partners, have further expanded its investment platform and AUM. KKR aims to reach at least $1 trillion in AUM by 2030.
ARES’s Price Performance & Zacks Rank
The company’s shares have gained 23.5% in the past six months compared with the industry’s 13.3% rise.
Image Source: Zacks Investment Research
Currently, ARES carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.