Private equity firm Ares rejects pitches to do IPO soon
from Reuters via Chicago Tribune
Ares Management LLC has been pitched on the idea of an initial public offering for the past year, but the firm that had been widely expected to be the next among major private equity firms to go public has no plans to pull the trigger just yet. Sources familiar with Ares, which has about $70 billion in assets under management, said major Wall Street banks have been calling on the firm to discuss the merits of an IPO. The success of the listing by private equity heavyweight Carlyle Group LP last year, and a rally in the shares of alternative asset managers this year, provide an attractive backdrop.
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