Founded in 1989, Landmark offers private equity, real estate, and infrastructure secondaries solutions for institutional investors.
The firm has 150 professionals operating across six offices in the the US, Europe and Asia. As of 31 March 2021, it managed $19.6bn in assets.
Ares considers Landmark to be ‘a go-to partner for secondary market transactions’ owing its significant investment experience and expansive network of financial sponsors and institutional LPs.
Landmark is said to have sourced over 2,400 transactions with over 800 financial sponsors in the last 30 years.
Ares president and CEO Michael Arougheti said the deal will immediately add scale and extensive capabilities to the firm in the growing global secondaries market.
Arougheti said: “We believe the secondaries industry is at an inflection point for growth and we believe the combination of Landmark’s market leadership with our global platform of sponsor and client relationships will further enhance this growth opportunity and provide competitive advantages.”
Landmark will operate under the branding ‘Landmark Partners, an Ares company’. It will be part of Ares’ newly established investment group named Secondary Solutions.
Ares’ Secondary Solutions Group will be managed by Francisco Borges and Timothy Haviland as co-heads.
Borges commented: “We believe the combination of Landmark’s leadership in the secondaries market and Ares’ significant global sponsor and investor networks will provide product and fundraising opportunities that will accelerate the growth of our new Secondary Solutions Group.”
Haviland added: “The Ares and Landmark teams share similar values and the same commitment to building a collaborative and entrepreneurial workplace. I look forward to partnering with our new colleagues as we execute on our strategic plans.”
In February this year, Ares scrapped its $4.9bn buyout offer for Australian wealth manager AMP.
The company previously offered to acquire 100% of AMP with each share priced at $1.85.