Ares Management, through its unit Ares Holdings, has closed its purchase of a controlling stake in alternative asset manager SSG Capital Holdings.

The deal, whose financial terms were not disclosed, was announced in January this year.

SSG managed more than $6bn in assets under management at the end of March 2020.

Its employee headcount is over 70.

SSG will now adopt the Ares SSG brand. The firm’s founders Edwin Wong, Shyam Maheshwari, Andreas Vourloumis along with Peter Cairns will become Ares Management Committee members.

Ares SSG co-managing partner and head of strategy Eric Vimont said: “The Ares SSG platform is well positioned to build upon existing relationships and local infrastructure to provide underserved middle market companies in Asia with an alternative to traditional capital sources.

“Each region will present a different opportunity set that will evolve over time and this platform is well suited to be able to address those needs.”

Ares CEO and president Michael Arougheti said: “The integration and launch of Ares SSG expands our global leadership position in private credit and enhances our ability to provide investment capabilities to investors across a strategic and high-growth region.

“We believe the Ares SSG team’s local experience, long tenure and demonstrated track record investing through multiple economic cycles will be invaluable given current market dynamics.”

An alternative investment manager, Ares focuses on credit, private equity and real estate.

It employs over 1,250 across North America, Europe, Asia and Australia.

The firm managed $149bn in assets at the end of March 2020.