Ares Provides $2 Billion Debt Facility to Phoenix Tower International

Impact · against what's priced in

The news is not a material catalyst for ARES. While the $2 billion facility demonstrates capital deployment, the market has already priced in the growth trajectory supported by several recent multi-billion dollar fund raises.

ARES+0.05

Already priced in

The price assumes

The recent $4 billion Japan logistics fund and $8.5 billion specialty credit fund raises, which are already factored into the endorsed growth trajectory.

The $2.0 billion deployment into PTI is consistent with the growth trajectory the price already pays for via previous large-scale fund raises. It confirms the ability to deploy capital but does not push earnings growth toward the 'exceeding 20%' threshold currently declined by the price.

What ARES's price assumes · Sep 2

• ARES
• alternative investments
• debt financing
• private credit
• telecom infrastructure
• tower companies

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