Ares Plans Its First Local Currency Private Credit Fund in Asia

Ares Management Corp. is planning to establish its first Asia local currency private credit fund in Thailand, according to people familiar with the matter, as the country emerges as a new market for the asset class.

The proposed vehicle will focus on performing credit, targeting high-quality corporates in Thailand, the people said, who asked not to be identified discussing private matters. The fund plans to raise capital primarily from insurance firms operating in the country and earning revenues in Thai baht, the people added.