By Isla Binnie
NEW YORK, June 10 (Reuters) – Most of the requests to withdraw money from a private credit fund for the wealthy run by alternative asset manager Ares came from outside the United States, its CEO said on Wednesday.
“We had 11% redemption requests. It was from less than 5% of our investors. It was largely concentrated in small institutions and family offices, not in the U.S.,” Michael Arougheti told the Morgan Stanley U.S. Financials conference in New York.
The company previously said those requests came from “select geographies”.
Wealthy individuals pulled more money than they put into private credit vehicles run by multiple asset managers at the beginning of this year, as fears circulated about transparency, lending standards, and how software companies who borrowed heavily from direct lenders would navigate disruption from artificial intelligence.
Arougheti said this experience gave him “confidence that the markets will grow through this”.
(Reporting by Isla Binnie; Editing by Jan Harvey)
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