Ares Management (ARES)

Exited at beginning of March, with lots of pressure on the tech sector.

They manage alternate assets, especially private credit. It will be interesting how this space, this kind of financing, will play it in coming years, but this will do fine in the short/medium term. He's holding on.

Are positioned well for private credit.

Investment management business very strong - high margins are nature of business. Arranging private debt offerings which are much less competitive. Potentially a very strong growth area. Large banks have left niche for new entrants. Lots of room for growth for the long term investors. 

They mainly do private credit on a floating rate basis, so they benefit when interest rates rise (which he expects), and they do some private equity. Nearing $400 billing in assets. Most revenues come from investment management fees instead of performance fees. As banks shed too-risky assets, they overcorrect, so ARES is in a good position to pick up that credit lending. Also, they benefit after the US regional bank meltdown to fill that void in lending.