Listed private markets firm Ares Management Corporation has launched a charitable foundation with the aim of “accelerating economic opportunity.” It will make grants to non-profit organisations that help indiviudals reskill, prepare for careers or better understand personal finance. One of its early grants has gone to AltFinance, the programme set up with Apollo and Oaktree to introduce Black students to private markets.
Ares employees have so far donated cash, stock and portions of realised carried interest to the foundation totalling nearly $30 million so far, the firm said in a statement. The company “expects to donate up to 5 percent of its annual realised net performance income from certain Ares funds.”
Said Ares chief executive Michael Arougheti: “Delivering value to stakeholders goes beyond financial returns – it’s about ensuring that all members of society have equitable access to knowledge, resources and opportunities so that they can achieve their full potential.”