Ares' European Debt Fund Holds Close
Ares Capital Europe, headed by Barclays vet Gordon Watters, corralled $175 million in commitments
January 28, 2010
Ares Management's European debt arm raised a new fund, according to a filing with the Securities and Exchange Commission, closing on $175 million for Ares Capital Europe LP.
Based in London, the Ares European group invests in first- and second-lien senior debt and long-term mezzanine financing. Past investments include a unitranche facility for Just Learning Group and financing for the management buyout of Fila EMEA.
The European team first took shape in 2007, with the hiring of Gordon Watters, who previously oversaw Barclays' middle-market financial sponsors group across the U.K. and Europe. Watters brought with him Barclays vets Carl Helander, who is based in Stockholm, and Eric Vimont and Michael Dennis, who joined Watters in the London office.
Last year, Ares recruited HSBC's Tyrone Cooney, who previously spent time at Barclays, to open up an office in Paris, and Kai Gebauer, formerly of Dresdner Kleinwort, to oversee a Frankfurt outpost.
Ares Management, based in Los Angeles, operates a business development company and oversees private equity, private debt and capital markets platforms. The firm agreed to buy rival Allied Capital in October for $648 million, a deal that is still facing competing bids.
Calls to Ares were not immediately returned by press time.
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