Ares Management Limits Redemptions for its $21.5B Business Development Company

Ares Management's private-credit fund received 11.6% of shares in redemption requests for its $21.5 billion BDC for the quarter ending March 20. To address the requests, Ares will limit payouts to 5%. The majority of requests came from a limited number of family offices and smaller institutions representing less than 1% of the BDC's shareholders.