Ares Management increased its exposure to business development companies (BDCs) during the first quarter, according to a May 20, 2026, report. The firm boosted holdings in its own Ares Capital Corp. (ARCC) and added stakes in BlackRock TCP Capital and Carlyle Secured Lending.
This expansion occurs as the private credit market faces heightened scrutiny regarding valuations, redemption pressures, and regulatory oversight. Ares Management’s strategy signals confidence in middle-market lending vehicles despite growing investor caution.
The firm achieved a record fundraising quarter during this period. Ares Management allocated a significant portion of that new capital specifically to credit strategies.