On July 31, 2013, Ares Management and Alleghany Corporation (NYSE: Y) announced a new strategic partnership and equity investment by Alleghany in Ares.
On July 31, 2013, Ares Management and Alleghany Corporation (NYSE: Y) announced that Alleghany has made a $250 million investment in Ares, in return for a 6.25% equity ownership stake in Ares. Alleghany has also committed to invest up to $1 million in existing and new Ares investment strategies. Ares will use the investment as sponsor capital in its investment vehicles.
Ares is a privately-held alternative asset manager and registered investment advisor with approximately $66 billion in assets under management.
To read the press release, please click here.