Carey Olsen's Cayman Islands finance team has advised Barings Portfolio Finance and other senior investors on the rated note feeder financing of StepStone Group's $3.1 billion structured solutions vehicle. The transaction closed on 31 March 2026. According to StepStone, the deal is the largest of its kind to date. The vehicle enables institutional investors to access the firm's secondaries platform through a flexible, capital-efficient solution. Ares Management Alternative Credit funds agreed to serve as primary capital provider, whilst Barings provided a substantial portion of the rated financing. Citi acted as structuring and placement agent. The Carey Olsen team comprised partner Dylan Wiltermuth and associate Catriona Severns, working alongside onshore counsel Cadwalader, Wickersham and Taft.

Siskin Projects Private Limited, an AIPL Group company, has raised ₹550 crore through a private placement of secured, rated and listed non-convertible debentures. The debentures were subscribed by funds managed by Ares Management. KNM & Partners advised Siskin Projects on the transaction, which involved structuring a multi-layered security package spanning multiple obligors and lenders. This included cross-collateralisation across land parcels, receivables and shareholding, plus milestone-linked security release mechanisms. The KNM team was led by Tanuj Hazari, with support from Sidhant Ajmera and Smridhi Pathak. JSA Advocates & Solicitors advised investor Ares Management on the deal.

Ares Management has raised $5.4 billion for value-add real estate strategies focused on logistics, multifamily and self-storage in the US and Europe. The firm also announced Asia leadership changes, hiring former Goldman Sachs executive E.G. Morse as Partner and Head of Asia Credit, whilst Dinesh Goel and Gabriel Fong were appointed Co-Heads of Asia Special Situations following Edwin Wong's planned retirement. The fundraising success demonstrates Ares' ability to scale specialised strategies despite adjusting its US direct lending platform and absorbing higher costs from a new $400 million term loan facility. However, investors face risks around fee pressure and potential margin compression if competition intensifies or redemptions increase. The company is also planning a smaller flagship US direct lending fund as it reshapes its private credit and real estate platforms.