Expertise exits Ares Management’s Real Estate Group
The co-head of Ares Real Estate Group, John Bartling, departed slightly over a year after Ares bought out AREA Property Partners. In another loss of expertise, Ares did not attract AREA’s founder through the merger, William Mack, who opted to separate from his legacy and start a new firm
The Mack family’s new firm, Mack Real Estate Group, has has since fundraised at a faster pace than Ares, attracting $180 million in commitments to its maiden fund in 3 months, an average of $60 million per month.
By comparison, Ares’ U.S. Real estate fund VIII has attracted $25 million a month over 23 months and Ares’ European fund IV has averaged $34 million a month over 30 months.