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The Secured Lender
SFNet's The 81st Annual Convention Issue
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June 26, 2023
Source: Businesswire
NEW YORK--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today that certain funds managed by its Alternative Credit strategy (“Alternative Credit”) have completed the acquisition of a $3.5 billion specialty finance loan portfolio (the “Portfolio”) from PacWest Bancorp (Nasdaq: PACW).
The Portfolio consists of high quality, senior secured, asset-backed loans with commitments of approximately $3.5 billion. The Portfolio, which was originated by PacWest’s Lender Finance unit, is backed by assets across a variety of industries and asset classes including consumer loans, small business loans, timeshare receivables, auto loans, asset manager and fund finance loans, residential real estate loans, and commercial real estate loans.
“We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high quality portfolio of asset-backed loans,” said Jeffrey Kramer, Partner and Portfolio Manager in Alternative Credit. “Our longstanding relationship with PacWest and our team’s ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice.”
“Our team is an established leader in providing creative and flexible solutions to asset-focused investment opportunities,” said Joel Holsinger, Partner and Co-Head of Alternative Credit. “Our scale, coupled with one of the more flexible mandates in the private credit market today, makes Ares Alternative Credit an ideal partner to the banking community as they optimize their balance sheets and strengthen their financial position.”
“We are pleased to have worked together with Ares to complete this strategic transaction,” said Paul Taylor, President and CEO of PacWest Bancorp. “This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking.”
Barclays provided exclusive financing to Ares on the transaction. Stephens served as exclusive financial advisor to PacWest Bancorp on the transaction.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with over 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Alternative Credit
Ares Alternative Credit pursues an asset-focused investing strategy, targeting investments in large, diversified portfolios of assets that generate contractual cash flows. Ares Alternative Credit invests across the capital structure and seeks opportunities in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), and other asset-focused investments. As of March 31, 2023, Ares Alternative Credit had approximately $24 billion in assets under management, deploying over $10 billion in the last twelve months. Our capital supports over 1,000 investments and allows us to participate in scale and commit up to approximately $1 billion in a single transaction. The team comprises more than 60 investment professionals globally. Aligning Ares' investment activities with its societal impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit flagship funds to support global health and education charities.
About PacWest Bancorp
PacWest Bancorp (“PacWest”) is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.
Contacts
Media:
Priscila Roney, +1-212-808-1185
or
Alexandra Douglass, +1-212-301-0391
media@aresmgmt.com
The Portfolio consists of high quality, senior secured, asset-backed loans with commitments of approximately $3.5 billion. The Portfolio, which was originated by PacWest’s Lender Finance unit, is backed by assets across a variety of industries and asset classes including consumer loans, small business loans, timeshare receivables, auto loans, asset manager and fund finance loans, residential real estate loans, and commercial real estate loans.
“We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high quality portfolio of asset-backed loans,” said Jeffrey Kramer, Partner and Portfolio Manager in Alternative Credit. “Our longstanding relationship with PacWest and our team’s ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice.”
“Our team is an established leader in providing creative and flexible solutions to asset-focused investment opportunities,” said Joel Holsinger, Partner and Co-Head of Alternative Credit. “Our scale, coupled with one of the more flexible mandates in the private credit market today, makes Ares Alternative Credit an ideal partner to the banking community as they optimize their balance sheets and strengthen their financial position.”
“We are pleased to have worked together with Ares to complete this strategic transaction,” said Paul Taylor, President and CEO of PacWest Bancorp. “This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking.”
Barclays provided exclusive financing to Ares on the transaction. Stephens served as exclusive financial advisor to PacWest Bancorp on the transaction.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with over 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Alternative Credit
Ares Alternative Credit pursues an asset-focused investing strategy, targeting investments in large, diversified portfolios of assets that generate contractual cash flows. Ares Alternative Credit invests across the capital structure and seeks opportunities in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), and other asset-focused investments. As of March 31, 2023, Ares Alternative Credit had approximately $24 billion in assets under management, deploying over $10 billion in the last twelve months. Our capital supports over 1,000 investments and allows us to participate in scale and commit up to approximately $1 billion in a single transaction. The team comprises more than 60 investment professionals globally. Aligning Ares' investment activities with its societal impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit flagship funds to support global health and education charities.
About PacWest Bancorp
PacWest Bancorp (“PacWest”) is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.
Contacts
Media:
Priscila Roney, +1-212-808-1185
or
Alexandra Douglass, +1-212-301-0391
media@aresmgmt.com
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