Ares Management Corp. ARES, +0.91% said Thursday it has gathered $3.7 billion of capital to invest exclusively in sports leagues and teams and sports-related franchises, as well as media and entertainment companies. The first Ares Sports, Media and Entertainment Finance (SME) fund is comprised of nearly $2.2 billion in equity commitments. Including anticipated leverage and related transaction vehicles, the total available capital is expected to be $3.7 billion. The fund exceeded its initial target of $1.5 billion. Ares also disclosed that the fund has already invested $1 billion in Atlético de Madrid, the San Diego Padres, McLaren Racing and Inter Miami CF. Ares also set up an advisory board including Mike Forde, executive chairman of Sportsology, women’s soccer star Mia Hamm, retired NBA star Grant Hill and recording artist Lionel Richie. Shares of Ares Management are down 6.3% in 2022, compared to a loss of 17.2% by the S&P 500 SPX, +0.34%.
