Compared against all funds.
1Y return
+9.6%
61th pctile · ahead of most peersas of 2026-06-04
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$4.12B
as of 2026-06-04
Net expenses
4.99%
56th pctile · pricier than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
4.7%
24th pctile · less model-priced than peersLast offer
no offer yet
17 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.4% management fee)4.99%
Minus interest on borrowings, the cost of portfolio leverage1.20%
Minus incentive fees accrued this period, which vary with returns1.60%
Ongoing cost, determined from the filings2.19%
Class I reports 4.99% total expenses, but 1.60% of that was the 12.5% performance fee and about 1.20% was interest and credit facility fees on $970M of borrowings. The ongoing cost is 2.19% a year, mostly the 1.40% management fee charged on assets including leverage, plus administration and professional fees. Class A costs about 3.05% plus a 3.50% sales charge.
Sales loadnone
Total drag per year2.19%
This is the cost for class I (institutional, no sales load); most expensive class is Class A at 5.82% net, about 3.05% recurring drag plus 1.17% a year from amortising the 3.50% load over three years.
Based on fiscal year ended March 31, 2026 (annual report; ratio is a full-year figure as stated, not annualized by me). Interest and credit facility fees conve.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (At the end of each calendar quarter the Adviser receives an incentive fee equal to 12.5% of the difference, if positive, between the net profits of the Fund for the period and the balance of the Loss Recovery Account at the start of the period; the Loss Recovery Account has not been reset since July) apply only to returns earned. Net expenses reflect a fee waiver expiring July 31, 2027; the gross ratio is 5.02%. How this is calculated
Against all funds
Total drag
59th pctile · pricier than most
1Y return
61th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Fiscal year ended March 31, 2026 (annual report; ratio is a full-year figure as stated, not annualized by me). Interest and credit facility fees converted from dollars using average net assets derived from the same period's expense ratios. Interim report and prospectus show no change that persists other than the expense limitation agreement now running to July 31, 2027..
Open the filing on sec.gov (0001104659-26-070470)Size and leverage
Net assets$4.12B?
Borrowings$970.3M?
Leveragedebt to equity0.23x?
Asset coverage525.00%?
Started2022-04-01?
What the manager charges
Management feeof gross assets1.40%?
The same fee against your equitybecause it is charged on borrowed assets too1.73%
Performance fee12.5% of the Fund's net profits each calendar quarter, less any balance in the Loss Recovery Account; incentive fees accrued in FY2026 were $57,221,851, of which $17,771,558 was payable at year end?
High water markYes?
Expense cap0.30%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income0.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position10.12%?
Top ten49.26%?
Priced by the managerno market price available4.70%?
Mostlyprivate equity buyout (over 93% of the portfolio in buyout investments; over 95% in secondaries)?
Who is involved
AdviserAres Capital Management II LLC?
AuditorErnst & Young LLP?
Valuedmonthly?
Independent valuation agentNo?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 4.99% | $1.0M |
| Class D | 0.25% | 0.00% | 5.18% | $25,000 |
| Class A | 0.85% | 3.50% | 5.82% | $25,000 |
Also worth knowing
- Unfunded capital commitments: 1,281,828,812 USD (Unfunded commitments equal 31% of net assets and must be met from distributions, subscriptions or the credit facility, competing with quarterly repurchases for liquidity.)
- Credit facility size, pricing and maturity: $1.7bn commitment, SOFR + 2.80%, matures March 5, 2027; 6.61% weighted average rate and $524.2M average daily balance in FY2026 (Leverage cost and refinancing date drive a large slice of reported expenses; the facility matures within a year of the report date.)
- Credit facility upfront and unused fees: 8,586,143 USD (About 0.24% of average net assets a year is paid simply for having the facility available, on top of interest; it is excluded from drag as a debt financing cost but is a real cash cost.)
- Deferred tax liability at taxable blocker subsidiaries: 33,641,398 USD (The blockers are taxed as C-corporations at 19.95% federal plus 5% state, so 0.8% of NAV is already accrued for taxes on appreciation and reduces reported NAV.)
- Underlying fund fees excluded from the expense ratio: not quantified (The Fund invests almost entirely in third-party private equity funds whose own management fees and carried interest are borne by shareholders but are not in the 4.99% figure, so the all-in cost is materially higher and undisclosed.)
- Subscription and repurchase flows: $1.34bn of shares issued versus $244.5m repurchased in FY2026 (Rapid growth dilutes fixed costs but also means most shareholders are inside the one-year 2% early repurchase fee window; four offers were conducted and all were funded.)
- Net investment loss: -188,107,469 USD (Fees and interest exceed portfolio income by a wide margin, so all shareholder return must come from appreciation and realizations; distributions are funded from capital gains.)
- Concentration in a small number of large secondary positions: top ten holdings 49.26% of net assets; largest 10.12% (A non-diversified portfolio with half of NAV in ten fund interests makes NAV and the incentive fee sensitive to a handful of marks.)
Fees
Management fee1.4%
Incentive feevaries across filings
Incentive hurdleunchanged, 2 filings5%
Sales load0%
Interest on borrowings1.2%
Incentive fees accrued1.6%
Total annual expenses, gross5.02%
Waiver expireschanged from March 31, 2023 · Jul 2026July 31, 2027
Liquidity terms
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Valuation frequencychanged · Sep 2025Monthly
Structure
Legal structurevaries across filings
Share classesvaries across filingsClass A, Class D, Class I
Tax reporting formvaries across filings1099
Stated benchmarkunchanged, 5 filingsMSCI World Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-03-312026-07-29
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$4.12B
Total annual expenses, net of waiver4.99%
Total annual expenses, gross5.02%
Total return, 1 yearvaries across filings9.58%
Level 3 inputsraised from 0.005% · Jun 20264.7%
Leverage, actual18.7%
Offer dateOfferedRequestedAcceptedSource
2026-09-29···SC TO-I
2026-06-29···SC TO-I/A
2026-03-30···SC TO-I/A
2025-12-30···SC TO-I/A
2025-09-29···SC TO-I/A
2025-06-30···SC TO-I/A
2025-03-28···SC TO-I/A
2024-12-31···SC TO-I/A
2024-09-30···SC TO-I/A
2024-06-28···SC TO-I/A
2024-03-29···SC TO-I/A
2023-12-29···SC TO-I/A
2023-09-29···SC TO-I/A
2023-06-29···SC TO-I/A
2023-03-30···SC TO-I/A
2022-12-30···SC TO-I/A
2022-09-29···SC TO-I/A
2026-09-01SC TO-IIssuer tender offer2026-08-07SC TO-I/AAmended issuer tender offer2026-07-29486BPOSPost-effective amendment, effective2026-06-15N-CENAnnual census of service providers2026-06-04SC TO-I/AAmended issuer tender offer2026-06-04424B3Prospectus supplement2026-06-04N-CSRAnnual shareholder report2026-06-01SC TO-IIssuer tender offer2026-05-21SC TO-I/AAmended issuer tender offer2026-05-08SC TO-I/AAmended issuer tender offer2026-03-03SC TO-IIssuer tender offer2026-02-25424B3Prospectus supplement2026-02-10SC TO-I/AAmended issuer tender offer2026-02-04SC TO-I/AAmended issuer tender offer2025-12-05N-CSRSSemiannual shareholder report2025-12-02SC TO-IIssuer tender offer2025-11-05SC TO-I/AAmended issuer tender offer2025-09-02SC TO-IIssuer tender offer2025-08-05SC TO-I/AAmended issuer tender offer2025-07-29N-2Registration statement and prospectus2025-06-05N-CSRAnnual shareholder report2025-06-02SC TO-IIssuer tender offer2025-05-08SC TO-I/AAmended issuer tender offer2025-03-03SC TO-IIssuer tender offer2025-02-06SC TO-I/AAmended issuer tender offer2024-12-06N-CSRSSemiannual shareholder report2024-12-03SC TO-IIssuer tender offer2024-11-05SC TO-I/AAmended issuer tender offer2024-09-03SC TO-IIssuer tender offer2024-08-05SC TO-I/AAmended issuer tender offer2024-06-07N-CSRAnnual shareholder report2024-05-31SC TO-IIssuer tender offer2024-05-03SC TO-I/AAmended issuer tender offer2024-03-04SC TO-IIssuer tender offer2024-02-07SC TO-I/AAmended issuer tender offer2023-12-01SC TO-IIssuer tender offer2023-10-10SC TO-I/AAmended issuer tender offer2023-09-01SC TO-IIssuer tender offer2023-07-12SC TO-I/AAmended issuer tender offer2023-06-01SC TO-IIssuer tender offer2023-04-05SC TO-I/AAmended issuer tender offer2023-03-03SC TO-IIssuer tender offer2023-01-10SC TO-I/AAmended issuer tender offer2022-11-30SC TO-IIssuer tender offer2022-10-11SC TO-I/AAmended issuer tender offer2022-08-16SC TO-IIssuer tender offer2022-03-23N-2/AAmended registration statement
Request the six-factor report on Ares Private Markets Fund
A dated report covering performance, fees, liquidity, valuation, benchmarks, and complexity, with every value sourced to the filing it came from and the fund placed against its category. Built for the evaluation file an advisor keeps. Tell us what it is for and we will follow up with timing.
Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.