ARES Q3: Fundraising and digital infrastructure remain key growth drivers

Transcript intelligence

What changed

Compared with the prior quarter, management continued to emphasize strong fundraising and platform diversification, while adding greater focus on the digital-infrastructure fund, the MFIC acquisition and a higher quarterly dividend. The current analysis cites AUM of $691 billion and fee-paying AUM growth of 13% year over year; the prior analysis cited $671 billion of AUM and 17% fee-paying AUM growth.

Guidance delta

Maintained. The analysis describes the outlook as positive, with continued deployment expected in U.S. direct lending and infrastructure and a digital-infrastructure fund close planned for Q4 2026.

Key takeaways

• AUM and fee-paying AUM grew double digits, while gross capital raised reached $31 billion.
• Management cited institutional demand for private credit and real assets, plus floating-rate exposure, as important supports for earnings and fee growth.
• Digital infrastructure and AI-related capacity are central growth opportunities, with a fund launch and first close planned in Q4 2026.
• The platform remains diversified across strategies and geographies, but current analysis does not include actual EPS or revenue results.

Management priorities

• Launch and secure the first close of the digital-infrastructure fund in Q4 2026.
• Expand wealth-channel evergreen solutions and interval funds.
• Complete and integrate the MFIC acquisition and its $2.6 billion portfolio.
• Continue product expansion through a seventh European direct-lending fund and a new infrastructure-equity vintage.