Ares' $8.3 Billion Global Fund Sets Out to Attract Korean Institutional Funds through Kyobo Securities

[SEC Radar]

This is a core briefing on US SEC disclosures tracked by News Epoch. (2026-04-15)

Global alternative investment manager Ares Management has appointed Kyobo Securities as the placement agent in Korea for its $8.3 billion (approximately 12.3 trillion KRW, based on 1 USD = 1,480 KRW) special opportunities fund. According to the Form D/A (amended disclosure) submitted to the SEC on the 14th, the total amount raised, combining the 'Ares Special Opportunities Fund III LP' and two parallel offshore funds, reaches $8.3277 billion. This is an instance of a global mega-fund directly stepping up to attract funds from Korean institutional investors.

What the Appointment of Kyobo Securities Means

The core of this disclosure is the list of placement agents. Ares deployed its own capital markets group and Goldman Sachs within the U.S., and mobilized DBS Bank (Singapore/Hong Kong), Rosebury Capital (Hong Kong), and Chile's Picton S.A. for offshore placement. In addition to these, Kyobo Securities was listed as the placement agent for Korea.

The appointment of a placement agent means they intend to solicit fund investments from institutional investors in that market. The inclusion of Kyobo Securities in the list suggests the possibility that Ares is targeting Korean institutional LPs, such as pension funds, insurance companies, and mutual aid associations, as investment sources. Of the five offshore placement agents, four are concentrated in Asian hubs (Singapore, Hong Kong, Seoul), and Kyobo Securities is the only Korean hub.

The Structure of the $8.3 Billion Fund

Ares Special Opportunities Fund III was established in 2024 and completed its first closing in December of the same year. Currently, 132 investors are participating. It is a closed-end structure accessible only to institutional and ultra-high-net-worth investors. The $8.3277 billion is the combined amount of the main fund (Delaware LP) and two offshore parallel funds (Delaware LP, Luxembourg SCSp), a figure that includes commitments from the GP and affiliates.

While the fund name 'Special Opportunities' is commonly used in the industry to refer to special situation investments such as distressed and event-driven strategies, the specific investment strategy or target region was not specified in this disclosure.

[Epoch Point]
What this disclosure shows is not 'entering the Korean market,' but rather 'attracting Korean capital.' Amid the trend of large global funds expanding their Asian LP base, it is a signal that Korean institutional investors have emerged as a core target for overseas alternative investment allocations.