Ares Management (ARES) is courting investors for its second Asia-focused private credit fund, targeting leveraged buyout financing across the Asia-Pacific region, Bloomberg reported Monday, citing people familiar with the matter.

The new fund, Asia Direct Lending II, is expected to target more than the $1.7 billion raised by its predecessor, though the final fundraising goal has not been set, the report said.

The fundraising comes amid intensifying competition in Asia's private credit market, with Varde Partners and Elham Credit Partners also preparing new regional funds, Bloomberg added.

Ares Management did not immediately respond to a request for comment from MT Newswires.

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