Private credit continues to cement its position as one of the most influential forces in corporate finance. Ares Management Corporation has announced that its credit funds committed approximately $8.2 billion across 69 U.S. direct lending transactions during the second quarter of 2026, underscoring sustained demand for non-bank financing in an increasingly competitive dealmaking environment.
Over the 12 months ended June 30, 2026, Ares completed approximately $52.3 billion in commitments across 347 transactions, reflecting the firm’s expanding role in financing acquisitions, recapitalizations, and long-term corporate growth strategies across multiple industries.
Rather than concentrating on a single sector, Ares backed transactions spanning industrial manufacturing, engineering services, aerospace, financial services, insurance, automotive, infrastructure, and entertainment—highlighting the growing breadth of today’s private credit market.
Private Credit Continues to Replace Traditional Bank Lending
The latest figures reinforce a trend that has reshaped leveraged finance over the past several years. As banks continue to face tighter capital requirements and regulatory scrutiny, alternative asset managers such as Ares have become increasingly important financing partners for private equity sponsors.
Direct lenders are now routinely leading multi-billion-dollar acquisition financings that would historically have been syndicated through investment banks. The result is faster execution, flexible deal structures, and customized financing packages that appeal to both sponsors and portfolio companies.
Ares’ second-quarter activity demonstrates how private credit has evolved from an alternative financing option into a mainstream source of acquisition capital.
Acquisition Financing Dominates the Quarter
Most of Ares’ announced transactions supported sponsor-backed acquisitions or expansion initiatives.
Among the most notable deals was financing for Mill Point Capital-backed AeriTek, supporting its acquisition of National Refrigeration & A/C Products (NRAC). The transaction strengthens AeriTek’s position in commercial refrigeration and foodservice equipment manufacturing, sectors benefiting from ongoing investment in food retail and hospitality infrastructure.
Another significant transaction supported Advent International’s acquisition of Atwell, a large engineering, consulting, and construction management company serving power and energy, residential and commercial development, and digital infrastructure markets. The financing reflects continued investor interest in infrastructure-related businesses as demand for energy transition projects and data center development accelerates.
Financial Services and Insurance Remain Active
Ares also expanded its exposure to financial services through multiple transactions.
The firm arranged financing supporting Carlyle-backed MAI Capital Management, enabling the wealth management company to continue executing its acquisition strategy. Consolidation remains one of the defining trends within registered investment advisors and wealth management firms, with scale becoming increasingly important for technology investment and client servicing.
Similarly, Ares supported BayPine’s acquisition of Relation Insurance, one of the largest insurance brokerage platforms in the United States. Insurance brokerages have remained attractive acquisition targets thanks to recurring revenue models and resilient demand across commercial and personal insurance markets.
Aerospace, Manufacturing and Infrastructure Continue Attracting Capital
Industrial businesses also featured prominently throughout the quarter.
Ares provided incremental financing for Precinmac, supporting continued expansion of its precision manufacturing operations that serve aerospace, defense, semiconductor, power generation, and space industries. The transaction highlights sustained investment in advanced manufacturing amid renewed focus on domestic industrial capacity.
The firm also financed growth initiatives at Sunvair Aerospace Group, a provider of aircraft maintenance, repair and overhaul (MRO) services. Global aviation continues to experience strong maintenance demand as airlines extend aircraft lifecycles while awaiting deliveries of new fleets.
Infrastructure-related services represented another major investment theme.
Ares supported Frontline Road Safety Holdings, a nationwide provider of roadway and airport pavement marking services, reflecting continued investment in transportation infrastructure and public works projects across the United States.
Meanwhile, financing for Valcourt Group supports continued growth in building envelope maintenance and restoration, a market benefiting from aging commercial real estate assets that require specialized maintenance rather than replacement.
Consumer and Entertainment Businesses Also Receive Support
Not every transaction focused on industrial sectors.
Ares participated in financing Monomoy Capital Partners’ acquisition of Jiffy Lube International, one of North America’s largest automotive service franchisors, operating more than 2,000 service centers and serving approximately 19 million customers annually.
The firm also backed Firebird Music, supporting the Raine Group-backed company’s continued expansion. Firebird represents a newer generation of music businesses that combine artist management, recorded music, intellectual property ownership, branding, and rights management into integrated entertainment platforms.
Why It Matters
The sheer scale of Ares’ lending activity illustrates how private credit has become an essential pillar of today’s M&A ecosystem.
With $52.3 billion deployed over the past year, Ares continues to demonstrate that alternative lenders are no longer simply filling financing gaps left by banks—they are increasingly leading complex, sponsor-backed transactions across virtually every major industry.
The diversity of sectors represented in the firm’s latest portfolio also suggests that private equity sponsors remain active despite higher interest rates and evolving market conditions. Companies tied to infrastructure, aerospace, engineering, financial services, manufacturing, and essential business services continue attracting significant institutional capital.
If current lending volumes remain steady, 2026 could become another milestone year for the private credit industry, further reinforcing its position as one of the fastest-growing segments within global capital markets.
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