Ares seems to be trying to grow their private credit business in Europe.
Anyone got any views on comp/WLB/team/management/etc?
Cheers
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Based on previous WSO threads, here are some insights on compensation, work/life balance (WLB), team dynamics, and management in the finance industry, which might be relevant to Ares' private credit business in Europe:
Compensation:
Work/Life Balance (WLB):
Team Dynamics:
Management:
For more specific insights on Ares' private credit business in Europe, it would be beneficial to network with current or former employees and gather firsthand experiences.
Sources: Quick plug for LMM PE re: Work / Life Balance, Work/Life Balance - Hours, Where is the compensation in banking? Is it worth taking a pay cut for the long-term prospects?, WSO 2022 Investment Banking Work-Conditions Survey (Part 1/3), https://www.wallstreetoasis.com/forum/investment-banking/bonus-season-comps?customgpt=1
Ares is already the largest player in European Direct Lending as can be seen by the size of their funds relative to competitors (currently raising for €15bn fund - largest ever in Europe). Wouldn’t say they are trying to grow it since they are the largest. They have been hiring at two levels: (i) IR to help with fundraising and (ii) PM since turnover has been high (lost 3-4 people in past few months).
Wlb is awful for private credit standards and similar to that of IB/M&A. Ares has had difficulties in deploying capital so will spend time on every little deal on the market to try and work an angle (regardless of size & quality) - thus burning out juniors in the process.
Thanks — that’s useful. Out of curiosity, how do you know this? Personal experience?
Also, do you know much in terms of comp?
As someone with direct knowledge of that business this is hugely misleading. Growth has been spectacular with that $15bn fund fully invested and another at $34bn just raised. No issues deploying capital, read the Deloitte or HL reports for 3rd party evidence. They've been market leader since records began. 100% of the partners in that business are internal promotes, including one that started out as an associate. It's not a place that's standing still or churning talent.
Forgot to add on WLB they do 4 days a week in the office and work from anywhere August. But yeah they do 40 plus deals a year so there is work to go around I guess.
been growing distressed / special situations platform as well. hired some guys from Apollo and other Tier 1 places over last year. they moved the opportunistic credit strategy over from the PE team as far as I recall. Actually very good guys and team that know their way around structured solutions
Second this. Have heard great things from friends and colleagues who have interaction with their ASOF team (as above, think it used to be PE but changed to opportunistic credit so benefits a lot from the overall brand / resources I assume) - not so much PE
All great things to be said about Ares. Fantastic firm, obviously the best in DL and a great special sits team - but on a separate note from all the above, Ares has an incredibly good sports/media franchise which raised ~4bn ~2yrs ago. The firm has Apollo roots, and its served them *very* well
Anyone have feedback on the PE group?
It's one of the irrelevant groups at Ares. Good/decent performance, relatively decent WLB (although still PE, so don't expect to be done working at 8pm) and smart people. But again, not the flagship strategy, difficulty fundraising (although counts for everyone in PE i guess) and plays in mid market (so you won't be playing in the big league, if that matters anything at all)
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