Ares has completed a $100m (£74.9m) net asset value (NAV) facility with Dubai-based family office Patrimium Asset Management, as private credit activity accelerates across the Gulf.
The transaction was executed through Ares’ alternative credit strategy, which focuses on asset-based finance and manages approximately $46.7bn in assets under management (AUM). Ares, one of the world’s largest alternative investment managers, oversees more than $595bn in assets globally.
The deal is among the Gulf’s first publicly disclosed NAV-based financings arranged with a global alternative asset manager, according to the firms.
Ares said the transaction represents a step forward in the development of institutional fund financing capabilities in the region. It comes as private credit gains traction in the Gulf, with limited partners such as family offices increasingly seeking liquidity solutions and income-generating opportunities that NAV financing can provide.
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“This transaction sets an important precedent within the Gulf, signalling the emergence of NAV lending as a viable and institutionalised tool for fund-level capital management,” said Amine Bentaleb, managing partner at Patrimium. “We look forward to continued collaboration with Ares as the private markets landscape in the region accelerates in depth, sophistication and global integration.”
The facility is secured against a diversified pool of private market investments and will be used to provide capital to Patrimium’s investment vehicles, Ares said.
Founded in 2023, Patrimium has built track record across a range of asset classes, including public equities, private equity, venture capital, fixed income, real estate and hedge funds.
The deal comes as other global asset managers expand their presence in the Gulf. Barings recently launched a $500m global real estate debt partnership with Abu Dhabi’s Mubadala Investment Company, while Arrow Global entered into a strategic partnership with InvestGB, the investment arm of Gulf Bank.
