Ares Management (ARES) said Thursday it has raised more than $2.3 billion of equity commitments for Aspida Holdings, a life insurance and annuity company.

Aspida also recently closed an oversubscribed offering of $700 million in credit facilities, Ares said.

Aspida is supported by Ares Insurance Solutions as its dedicated investment management, capital solutions and corporate development partner, Ares Management said.