Ares Management (ARES) is launching a new media and entertainment fund aimed at individual investors, expanding access to sports-related investing, Bloomberg News reported Friday, citing sources with knowledge of the matter.
The fund will invest in both debt and equity across sports leagues, teams, and media or entertainment companies, according to Bloomberg.
CEO Michael Arougheti reportedly said financial advisers had called for such a product, which will allow investors to redeem on a quarterly basis.
Ares raised $3.7 billion for its first sports-focused fund in 2022. It held an initial close for a second fund at $1 billion earlier this year and is targeting to raise $2 billion, the media outlet reported.
Ares did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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