

Fund Size
€3,000M
Annualized Return
13.9%
Launch Year
2022
Min. Investment
€25,000
Availability
Open for public
Structure
Tender Fund
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.4%
Carry
12.50%
High Water Mark
No
Currencies
USD
Investor Eligibility
Accredited Investors
Liquidity Options
Quarterly redemptions (5% NAV cap)
KID Risk Indicator
? out of 7
Average Total Cost Level (KID)
4.86%
Ares Private Markets Fund (APMF) is Ares’ secondaries-anchored evergreen private equity fund for US accredited investors: a tender fund launched in 2022 that passed $3 billion of assets in May 2025, with more than 276 investments and exposure to over 7,500 underlying companies. Roughly 70% is LP-led secondaries and a quarter GP-led, managed by the Ares Secondaries Group with more than 30 years of secondaries experience. Terms: $25,000 minimum, 1.4% management fee plus a 12.5% incentive fee, quarterly repurchases of up to 5% of NAV and a 2% early-repurchase fee. Total KID-style costs come to about 4.9% a year.
Assets
$3B+
Launched 2022
Investments
276+
7,500+ underlying companies
Mix
70 / 25
LP-led / GP-led secondaries
Fees
1.4% + 12.5%
Total costs ~4.9%
Liquidity
Quarterly
5% of NAV; 2% early fee
Minimum
$25,000
Accredited investors
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