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ARES Eyes $750B in AUM by 2028: Is the Target Within Reach?
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Key Takeaways
ARES targets sustained AUM expansion by 2028, supported by strong growth momentum.
ARES is benefiting from sustained fundraising, net inflows and strong capital deployment.
Acquisitions are expanding ARES' capabilities and broadening its product and distribution reach.
Ares Management Corporation (ARES - Free Report) continues to scale its alternative asset management platform, backed by strong fundraising, robust capital deployment and expanding demand across private credit, real assets and secondaries. Management expects assets under management (AUM) to exceed $750 billion by 2028, rising from $671.3 billion as of June 30, 2026.
The target appears to be supported by Ares Management’s solid AUM growth trajectory. Total AUM rose 17% year over year as of the end of the second quarter of 2026, while fee-paying AUM increased at the same pace to $409.9 billion. Since 2013 to the second quarter of 2026, AUM saw a CAGR of 19%, highlighting the company’s ability to consistently attract and deploy capital across its diversified investment platform.
AUM Growth Trend
Image Source: Ares Management Corporation
Strong fundraising should remain an important growth driver. The company’s annual gross fundraising saw a 19% CAGR over the past five years, reaching $133 billion for the 12 months ended June 2026 from $56 billion in second-quarter 2021. In the second quarter of 2026, ARES raised $36.4 billion in capital, recorded $34.4 billion in net inflows and deployed $35.9 billion. This sustained fundraising momentum, supported by successor funds, institutional demand and the expanding wealth channel, should aid AUM growth toward the company’s 2028 target.
Annual Gross Fundraising
Image Source: Ares Management Corporation
Ares Management had roughly $170 billion in available capital as of June 30, 2026, providing substantial dry powder for future deployment. As this capital is invested, it should help expand fee-paying AUM and support higher management fees. The company’s broader growth initiatives also support its AUM ambitions. Acquisitions, such as GCP International and BlueCove, have expanded ARES’ capabilities across real assets, digital infrastructure and systematic fixed income, while widening its product and distribution reach. These additions complement organic fundraising and provide more avenues to attract institutional and individual investors.
A growing AUM base is also central to Ares Management’s medium-term financial goals. Management expects 16-20% or more annual organic growth in fee-related earnings and above 20% annual growth in realized income over the medium term.
Overall, with AUM already above $670 billion, strong fundraising momentum and a sizable pool of available capital, Ares Management has several growth levers supporting its 2028 ambition. Sustained net inflows and continued conversion of undeployed capital into fee-paying assets will be the key to maintaining the company’s AUM expansion and translating that growth into higher recurring fee revenues.
AUM Performance of ARES’ Peers
Apollo Global Management’s (APO - Free Report) AUM has witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first half of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.
By 2029, Apollo Global Management expects its total AUM to reach $1.5 trillion by scaling its private equity business.
Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have seen a CAGR of 15.6% and 14.4%, respectively. The total AUM rose 12% year over year in the first half of 2026.
Blackstone’s robust AUM base supports its long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.
ARES’ Price Performance & Zacks Rank
The company’s shares have gained 13.3% in the past six months compared with the industry’s 10.8% rise.
View the Zacks #1 Rank List
Image: Bigstock
ARES Eyes $750B in AUM by 2028: Is the Target Within Reach?
Key Takeaways
Ares Management Corporation (ARES - Free Report) continues to scale its alternative asset management platform, backed by strong fundraising, robust capital deployment and expanding demand across private credit, real assets and secondaries. Management expects assets under management (AUM) to exceed $750 billion by 2028, rising from $671.3 billion as of June 30, 2026.
The target appears to be supported by Ares Management’s solid AUM growth trajectory. Total AUM rose 17% year over year as of the end of the second quarter of 2026, while fee-paying AUM increased at the same pace to $409.9 billion. Since 2013 to the second quarter of 2026, AUM saw a CAGR of 19%, highlighting the company’s ability to consistently attract and deploy capital across its diversified investment platform.
AUM Growth Trend
Image Source: Ares Management Corporation
Strong fundraising should remain an important growth driver. The company’s annual gross fundraising saw a 19% CAGR over the past five years, reaching $133 billion for the 12 months ended June 2026 from $56 billion in second-quarter 2021. In the second quarter of 2026, ARES raised $36.4 billion in capital, recorded $34.4 billion in net inflows and deployed $35.9 billion. This sustained fundraising momentum, supported by successor funds, institutional demand and the expanding wealth channel, should aid AUM growth toward the company’s 2028 target.
Annual Gross Fundraising
Image Source: Ares Management Corporation
Ares Management had roughly $170 billion in available capital as of June 30, 2026, providing substantial dry powder for future deployment. As this capital is invested, it should help expand fee-paying AUM and support higher management fees. The company’s broader growth initiatives also support its AUM ambitions. Acquisitions, such as GCP International and BlueCove, have expanded ARES’ capabilities across real assets, digital infrastructure and systematic fixed income, while widening its product and distribution reach. These additions complement organic fundraising and provide more avenues to attract institutional and individual investors.
A growing AUM base is also central to Ares Management’s medium-term financial goals. Management expects 16-20% or more annual organic growth in fee-related earnings and above 20% annual growth in realized income over the medium term.
Overall, with AUM already above $670 billion, strong fundraising momentum and a sizable pool of available capital, Ares Management has several growth levers supporting its 2028 ambition. Sustained net inflows and continued conversion of undeployed capital into fee-paying assets will be the key to maintaining the company’s AUM expansion and translating that growth into higher recurring fee revenues.
AUM Performance of ARES’ Peers
Apollo Global Management’s (APO - Free Report) AUM has witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first half of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.
By 2029, Apollo Global Management expects its total AUM to reach $1.5 trillion by scaling its private equity business.
Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have seen a CAGR of 15.6% and 14.4%, respectively. The total AUM rose 12% year over year in the first half of 2026.
Blackstone’s robust AUM base supports its long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.
ARES’ Price Performance & Zacks Rank
The company’s shares have gained 13.3% in the past six months compared with the industry’s 10.8% rise.
Price Performance
Image Source: Zacks Investment Research
Currently, Ares Management carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.