Ares marshals capital and celebrities for inaugural sports and media investment fund

Ares Management Corp. ARES, +0.55%, announced on Thursday that it has raised $3.7 billion in capital to invest solely in sports leagues and teams and sports-related franchises, as well as media and entertainment companies. The first Ares Sports, Media and Entertainment Finance (SME) fund has nearly $2.2 billion in equity commitments. Including expected leverage and related transaction vehicles, total available capital is expected to be $3.7 billion. The fund exceeded its original target of $1.5 billion. Ares also announced that the fund has already invested $1 billion in Atlético de Madrid, the San Diego Padres, McLaren Racing and Inter Miami CF. Ares also established an advisory board that included Executive Chairman of Sportsology Mike Forde, women’s soccer star Mia Hamm, retired NBA star Grant Hill, and recording artist Lionel Richie. Ares Management shares are down 6.3% in 2022 compared to a 17.2% loss for the S&P 500 SPX, +0.04%.