Proskauer Helps Ares Close $4.7B Fund

Law360, New York (August 22, 2012, 1:29 PM EDT) -- Distressed-debt investor Ares Management LLC has closed a $4.7 billion buyout fund, its fourth and largest to date, the Los Angeles-based private equity firm said Wednesday.

Ares Corporate Opportunities Fund IV LP beat an original target of $4 billion, a vote of confidence for the firm as institutional investors become choosier with their commitments. The pool is 35 percent bigger than Ares' most recent fund, which is the best-performing fund of the 2008 vintage, according to industry trackers.

“We are thrilled to have been able to...
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