Ares Management (ARES) said Wednesday that it has raised $1.5 billion for Ares Direct Lending's specialty healthcare strategy, which includes the final close of the Ares Specialty Healthcare Fund and expected leverage.

The Ares Specialty Healthcare Fund will back specialty healthcare companies by providing capital via first lien, second lien, mezzanine, preferred equity and non-control equity transactions, the company said.

The fund will have a focus on public and private companies globally and in sub-sectors like pharmaceuticals and biotechnology, medical technologies, diagnostics, among others, Ares said.