Ares Management Expands Alternative Asset Platform Through Landmark Partners Integration

The completion of Ares Management Corporation’s acquisition of Landmark Partners marks a significant shift in the secondary solutions market, establishing a consolidated powerhouse in an asset class experiencing rapid growth. The deal, which finalized on June 2, 2021, brings together two major players positioned to reshape how institutional investors access secondary opportunities across alternative investments.

Strategic Rationale and Market Positioning

This combination addresses a critical inflection point in the secondaries industry. Landmark Partners arrives with formidable credentials: over three decades of operational history, $19.6 billion in assets under management as of March 2021, and a seasoned team spanning 150 professionals across six global locations. The firm’s track record speaks to its market standing—having sourced and evaluated more than 2,400 transactions with over 800 financial sponsors, Landmark has cultivated a roster of approximately 600 institutional investors who rely on its expertise in navigating secondary stakes across private equity, real estate, and infrastructure assets.

For Ares Management, which reported approximately $227 billion in global assets under management following the acquisition, the integration represents a strategic expansion into a market segment characterized by strong investor demand and structural growth tailwinds. The newly established Secondary Solutions Group consolidates these capabilities under a unified investment platform, enabling cross-asset class development and enhanced service delivery.

Leadership and Operational Structure

Francisco Borges and Timothy Haviland assume co-leadership roles within the Secondary Solutions Group, bringing complementary expertise to scale Landmark’s operations within the broader Ares ecosystem. Both executives emphasized alignment in organizational values and entrepreneurial culture as foundational elements for successfully integrating the two platforms. Haviland highlighted the long-standing professional relationship between the leadership teams, while Borges stressed the competitive advantages emerging from combining Landmark’s market specialization with Ares’ expansive network of sponsors and institutional clients.

Strategic Benefits and Future Opportunities

The transaction unlocks multiple value drivers. Landmark’s established sourcing capabilities and underwriting rigor—refined through decades of transaction experience—merge with Ares’ global distribution platform and alternative asset class expertise. This convergence enables meaningful product expansion into adjacent secondary segments beyond traditional private equity stakes, potentially accelerating fundraising timelines and broadening the total addressable market for secondary solutions.

Ares Management Corporation, operating across Credit, Private Equity, Real Estate, and Strategic Initiatives with more than 1,600 employees, now positions its Secondary Solutions Group to capture emerging opportunities as institutional capital increasingly flows toward secondaries as a diversification and risk management tool.