$360 Billion United States Private Equity Firm Ares Management Buys $3.8 Billion Asia-Focus Private Equity Firm Crescent Point Capital, Founded in 2003 by David Hand & Rick Scanlon with Investments Including Wego, Del Monte, Air Asia & Singapore Prime Shopping Malls Wisma Atria & Ngee Ann City
21st July 2023 | Hong Kong
United States private equity firm Ares Management with $360 billion AUM (Assets under Management) has announced to buy Asia-focus private equity firm Crescent Point Capital with $3.8 billion AUM, founded in 2003 by David Hand & Rick Scanlon with portfolio investments (current & exited) including Wego, Del Monte, Air Asia & Singapore prime shopping malls Wisma Atria & Ngee Ann City. Ares Management: “Founded in 2003, Crescent Point Capital (CPC) has approximately 50 professionals. The team is headquartered in Singapore and has a presence in China, Indonesia, the Philippines and Vietnam. CPC pursues a private equity strategy focused on investing in industry-leading consumer companies across the larger Southeast Asia markets and China. Supported by a loyal and growing investor base over its nearly 20-year history, CPC has established a strong reputation and delivered attractive results investing through market cycles in its target sectors and geographies. Ares has established direct sourcing and investment capabilities in the Asia Pacific region across the credit, private equity, real estate and infrastructure asset classes through Ares Asia, previously known as Ares SSG. Ares Asia operates with approximately 165 professionals across a local footprint of nine offices in key Asia Pacific markets, as of March 31, 2023. This transaction highlights a continuation of Ares’ global expansion and creates a compelling opportunity for Ares to capitalize on the strong growth prospects for dedicated Asia Pacific private equity strategies. As part of Ares, CPC is expected to benefit from the advantages of Ares’ scaled global platform and network, including Ares’ local market presence across the Asia Pacific region. The transaction provides opportunities to enhance CPC’s growth through greater access to capital, market intelligence, transaction opportunities and expanded investor relationships.” Ares Management was founded in 1997 by Antony Ressler, Michael Arougheti, David Kaplan, John Kissick and Bennett Rosenthal. See below for more info.
“ $360 Billion United States Private Equity Firm Ares Management Buys $3.8 Billion Asia-Focus Private Equity Firm Crescent Point Capital, Founded in 2003 by David Hand & Rick Scanlon with Investments Including Wego, Del Monte, Air Asia & Singapore Prime Shopping Malls Wisma Atria & Ngee Ann City “
Michael Arougheti, CEO & President of Ares: “We are proud of the significant Asia Pacific presence that we have established over the years, and we believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region. We have enjoyed the opportunity to develop a great relationship with the Crescent Point team. They are experienced investors who we believe will bring impactful synergies to our existing Asia team.”
Edwin Wong, Head of Ares Asia: “Similar to Ares, we believe CPC possesses a highly collaborative culture. We believe that they will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region. The expansion of our local capabilities will also strengthen our position as a creative solutions provider to management teams and sponsors in the market.”
David Hand, Managing Partner of Crescent Point Capital: “We look forward to joining Ares and we firmly believe that this combination will help further catalyze the growth of our business. As part of a leading global brand and scaled platform, we expect to realize several shared benefits that will support our ability to deliver attractive investment returns for our investors, including greater market intelligence and a broader set of local sponsor relationships.”
$360 Billion United States Private Equity Firm Ares Management Buys $3.8 Billion Asia-Focus Private Equity Firm Crescent Point Capital
Ares Management – Founded in 2003, Crescent Point Capital (CPC) has approximately 50 professionals. The team is headquartered in Singapore and has a presence in China, Indonesia, the Philippines and Vietnam. CPC pursues a private equity strategy focused on investing in industry-leading consumer companies across the larger Southeast Asia markets and China. Supported by a loyal and growing investor base over its nearly 20-year history, CPC has established a strong reputation and delivered attractive results investing through market cycles in its target sectors and geographies.
Ares has established direct sourcing and investment capabilities in the Asia Pacific region across the credit, private equity, real estate and infrastructure asset classes through Ares Asia, previously known as Ares SSG. Ares Asia operates with approximately 165 professionals across a local footprint of nine offices in key Asia Pacific markets, as of March 31, 2023. This transaction highlights a continuation of Ares’ global expansion and creates a compelling opportunity for Ares to capitalize on the strong growth prospects for dedicated Asia Pacific private equity strategies.
As part of Ares, CPC is expected to benefit from the advantages of Ares’ scaled global platform and network, including Ares’ local market presence across the Asia Pacific region. The transaction provides opportunities to enhance CPC’s growth through greater access to capital, market intelligence, transaction opportunities and expanded investor relationships.
The transaction is expected to be immediately accretive to Ares’ after-tax realized income per share of Class A and non-voting common stock. The transaction consideration will be primarily comprised of Ares Class A common shares subject to a multi-year lock-up. The transaction is expected to close in the third quarter of 2023 and is subject to customary closing conditions, including regulatory approvals. Latham & Watkins served as legal counsel to Ares and Kirkland & Ellis and Milbank LLP acted as legal counsel to CPC.
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 more than 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East.
About Crescent Point Capital
Crescent Point Capital pursues a private equity strategy focused on investing in category-leading companies in Southeast Asia and China. We focus on forming close partnerships with our portfolio companies by providing hands-on operational, financial and strategic value-add from the inception of an investment through to its exit. Since inception, we have completed investments in more than 50 transactions in our target markets, with 31 partial or complete monetization events accomplished as of March 31, 2023.
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