US alternative investment firm Ares Management Corporation is acquiring Crescent Point Capital, a Singapore-based private equity manager with US$3.8 billion of assets, in a move to capitalise on growth prospects for private equity strategies in Asia Pacific.
Crescent Point primarily focuses on investing in consumer companies in Southeast Asia and China.
Ares says it has established direct sourcing and investment capabilities in Asia Pacific across credit, private equity, real estate and infrastructure assets, and that the acquisition highlights continuation of its global expansion.
“This transaction creates a compelling opportunity for Ares to capitalise on the strong growth prospects for dedicated Asia Pacific private equity strategies,” the company says in a statement on July 18. It didn’t disclose how much it’s paying for the Singapore firm.
The deal is expected to be completed in the third quarter of 2023, subject to regulatory approval.
According to Edwin Wong, head of Ares Asia, Crescent Point “possesses a highly collaborative culture”.
“We believe that they will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region,” he says.
Los Angeles-based Ares Management had around $360 billion of assets under management as of March 2023.