Alternative investment firm Ares Management is planning to raise $100 million through an initial public offering.
The New York Times reported that Los Angeles-based Ares disclosed its plan for an IPO through a filing with the Securities and Exchange Commission on Monday. The article added that the $100 million figure is tentative, as it is only used to calculate fees for Ares’ advisers—including investment banks JPMorgan Chase, Goldman Sachs and Bank of America Merrill Lynch—until they can determine a final number of the offering.
Rumors began circulating last year that Ares, which purchased retail giant Neiman Marcus last fall, was considering to make the firm public.
Founded in 1997, Ares manages more than $70 billion in assets. It specializes in alternative credit-based strategies, including private equity, direct lending, tradable credit, and real estate activities.