News Column

Ares Management, L.P. Prices Initial Public Offering of Common Units

May 1, 2014

LOS ANGELES--(BUSINESS WIRE)-- Ares Management, L.P. (the “Company” or “Ares”) today announced the pricing of its initial public offering of 11,363,636 common units representing limited partner interests at a public offering price of $19.00 per common unit. Ares’ common units are expected to begin trading tomorrow, May 2, on the New York Stock Exchange under the ticker symbol “ARES.”

In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,704,545 common units at the initial public offering price less the underwriting discount. The offering is expected to close on May 7, 2014, subject to satisfaction of customary closing conditions. There are no selling unitholders in the offering.

The Company intends to use net proceeds it will receive from the offering to purchase newly issued Ares Operating Group Units, to partially repay outstanding indebtedness, for general corporate purposes and to fund growth initiatives.

J.P. Morgan and BofA Merrill Lynch are acting as the lead book-running managers for the offering, and Goldman, Sachs & Co., Morgan Stanley and Wells Fargo Securities are acting as joint bookrunners for the offering. Barclays; Citigroup; Credit Suisse; Deutsche Bank Securities; RBC Capital Markets; UBS Investment Bank; BMO Capital Markets; Keefe, Bruyette & Woods; SunTrust Robinson Humphrey; BNY Mellon Capital Markets, LLC; Houlihan Lokey; Imperial Capital; JMP Securities; Mitsubishi UFJ Securities; and SMBC Nikko are acting as co-managers for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities was filed with and has been declared effective by the U.S. Securities and Exchange Commission.

The offering may be made only by means of a prospectus.A copy of the final prospectus relating to the offering may be obtained, when available, from:

J.P. Morgan

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Attention: Prospectus Department

Telephone: 1-866-803-9204

BofA Merrill Lynch

222 Broadway, New York, NY 10038

Attn: Prospectus Department


Goldman, Sachs & Co.

Attention: Prospectus Department

200 West Street, New York, NY 10282

Telephone: (866) 471-2526

Facsimile: (212) 902-9316


Morgan Stanley

180 Varick Street, 2nd Floor

New York, NY 10014

Attention: Prospectus Dept.

Telephone: (866) 718-1649


Wells Fargo Securities

Attention: Equity Syndicate Department

375 Park Avenue, New York, New York, 10152

Telephone: (800) 326-5897


About Ares Management, L.P.

Ares is a leading global alternative asset manager with approximately $74 billion of assets under management and approximately 700 employees in over 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. Forward-looking statements can be identified by the use of terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations of future performance, taking into account all information currently available to the Company. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to the Company’s operations, financial results, financial condition, business prospectus, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect it. Therefore, you should not place undue reliance on these forward-looking statements. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Ares Management, L.P.

Carl G. Drake, 1-888-818-5298


Mendel Communications LLC

Bill Mendel, 212-397-1030

Source: Ares Management, L.P.

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