Yield, Shield, and Scale: Inside the Ares Management Playbook (With Blair Jacobson, Co-President)

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Previously titled “188: Yield, Shield, and Scale: Inside the Ares Management Playbook (With Blair Jacobson, Co-President)” — renamed by the publisher on Aug 6, 2026

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Recorded27 Nov 2025

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Ares is recognised as one of the leading global alternative investment managers, investing across credit, real estate, private equity and infrastructure. Listed on the NYSE, it has 4,000 employees, $574 billion in assets* and a substantial geographical footprint. Blair explains the high yielding Ares listed vehicle, which as a business development company (BDC) structure must distribute 90% of taxable income and 9% of yields*. He discusses how being a public entity gives them a “currency” which is highly valued by employees, and also how it has helped with brand recognition as its growth accelerated. We discuss European capital markets and the structural reliance on bank debt versus private credit (the inverse of arrangements in the US). He explains how it is changing, as well as the current headwinds and opportunities ahead. He discusses why 1,400 conversations take place in Europe each year, but Ares makes less than 50 loan investments, how they are deploying over $100 billion of dry powder, and the criteria that matter for them. He explains their focus on the middle market, their ownership of sports assets – including a $500 million preferred equity stake in Chelsea FC - and their other media and entertainment investments. Finally, Blair responds to the question around the growth of credit secondaries and continuation vehicles, assessing the motivation behind the growth, and risks associated with the wealth management sector’s increasing allocation to this space. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube (*AUM as of 30/09/25, BDC distribution stats as at 04/11/25)

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