Photo by Ringo Chiu.
Century City-based Ares Management Corp. said April 6 that it has raised more than $1.7 billion in its U.S. Real Estate Opportunity Fund III to target distressed and development opportunities in a real estate world battered by coronavirus restrictions in the workplace.
The fund, one of Ares’ biggest, saw significant demand from investors in North and South America, Asia, Europe and the Middle East. It had originally sought to raise $1.5 billion.
This marks the largest U.S. real estate equity fundraise for Ares to date and is a significant increase from the $1 billion in…