Ares Management, the L.A.-based asset management firm associated with Apollo Advisors that has approximately $4.5 billion of assets under management, is in the market buying loans for another collateralized loan obligation. Deutsche Bank is the lead underwriter for Ares VIII, said a source. The bank also led the last Ares CLO completed in the summer (LMW, 5/4). Ares has a longstanding relationship with Deutsche Bank that started with Bankers Trust being the arranger of Ares' first two market value deals and Ares III.
Officials at Ares did not return calls and a Deutsche Bank spokeswoman could not confirm the details by press time. The size of the deal and timing for issuance of the notes could not be ascertained.