has sold its CLO management business to

Berkshire Global Advisors acted as financial advisor to Crestline Denali Capital

Date: February 2020

Sector: Private Markets – Private Equity / Credit

Sub-Sector: Credit

Region: North America

Seller AUM: $2.6 Billion

Seller Details:
Crestline Denali Capital L.P. (Crestline Denali) is a specialized asset management company located in Oak Brook, Illinois. Crestline Denali manages portfolios of leveraged commercial loans and related assets on behalf of investors. Founded in 2001 as Denali Capital LLC, Crestline Denali has approximately $2.6 billion in assets under management across seven collateralized loan obligation funds as of December 2019. Crestline Denali endeavors to provide its investors superior results by deploying a selective, issuer-orientated, fundamental credit strategy while seeking to build well diversified portfolios.

Buyer Details:
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had $144 billion of assets under management as of September 30, 2019 with approximately 1,200 employees in over 20 offices in more than 10 countries.

Transaction Summary:
Ares Management Corporation (NYSE: ARES) (“Ares”) has agreed, through a subsidiary, to acquire a managing interest in a restructured Crestline Denali Capital (“Crestline Denali”) that will result in the addition of seven collateralized loan obligation funds (“CLOs”) totaling $2.6 billion of assets under management to the Ares portfolio. Crestline Denali, a Chicago area-based firm specializing in the management of non-investment grade bank loans, will retain its equity interest in its CLOs.