Last year, Los Angeles-based Ares made a $150 million preferred equity investment in Inter Miami CF. The good news is that if you look at corporate America, you have many companies that were indirectly COVID-impacted that have figured out how to navigate things and are now doing OK. And there are just certain companies in certain industries that are directly challenged and will have a harder go of it. That is going to be an interesting management challenge in and of itself going from crisis management back to ordinary course without losing the progress that weve made operationally and culturally. Following the completion of the sale, the chief executive officer now directly owns 470,138 shares of the company's stock, valued at $39,971,132.76. But, he said as we were about to hang up, I dont ever want to take credit for the efforts and successes of others.. Mr. Arougheti also serves on the board of directors of Operation HOPE, a not-for-profit organization focused on expanding economic opportunity in underserved communities through education and empowerment. In this role, Ive had to think more holistically about where the business is going. CBS News Reports: "It's an entirely new type of weapon." Insiders at Ares Management own 47.4% of the company. Would you say that's coming back then? And Michael Arougheti, was all of that. And I will never forget it. Below are excerpts from our recent conversation. In the moment, I thought back to the first time I met Arougheti, in a 50,000-square-foot house (not his) (or mine) in Beverly Hills almost a decade ago. Convicted. But when you go remote, youre effectively letting everybody into your home, whether thats the sights or sounds or just the challenges. We want to hear from you. Michael J. Arougheti is an entrepreneur and businessperson who founded Ares Management Corp., Ares Management LP, Ares Management LLC and Ares Management Corp (Private Equity) and who has been the head of 8 different companies. Enter your email address below to get our daily insider buying and selling report. I think Ive always intuitively known that, but Ive gotten more opportunities to test it. TE Michael Mayer says he wants to win a Super Bowl with the Bengals. Inflation? Thank you Michael Arougheti. Picker: So how would you characterize the credit quality within your portfolio right now? Last month, Reed Smith attorney Constantine Karides paid $17.3 million for a waterfront home on Sunset Island I. It's also a reflection, I think of the investors understanding that embedded value that sits in our private credit portfolios. Dismiss. A key support beam. You set a cultural agenda thats a little bit more willing to take risk and fail along the growth curve, as compared to a traditional, stodgy view of asset management. Over the next several years, I covered Aress IPO, its deals, and Aroughetis ascension to CEO in 2018. Arougheti:I think, for traditional private equity for many it likely will be. Its very rewarding. Mr. Arougheti oversaw an investment team that originated, managed and monitored a diverse portfolio of middle-market leveraged loans, senior and junior subordinated debt, preferred equity and common stock and warrants on behalf of RBC and other third-party institutional investors. Arougheti: It's slowing, anytime the market goes through this type of a transition or a reset, transaction volumes will naturally slow in the private market. Musk Made a Mess at Twitter. Leaders can see this crisis as a burden or an opportunity from a DE&I perspective. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. And without betraying their confidences, let me just say that what Michael and Nelly did for HOPE, and at the time they did it, was extraordinary. So we actually tend to see a consolidation of share and maybe counterintuitive and acceleration of capital that comes onto our platform to help navigate. now if I can only get you to co-write my current one. So I don't want to say that that's good. Of having a willingness to try new things. You see, these men of conviction are different. Mr. Arougheti was instrumental in the growth of Ares. Mr. Arougheti received a B.A. And then it will, it will pick back up again. Dismiss. Michael J. Arougheti is also Partner at Direct Lending Group, Inc. and Member of Program for Appropriate Technology in Health and on the board of 7 other companies. But all of our leaders learned to support their people by opening their own lives up to them. The shares were sold at an average price of $85.02, for a transaction totalling $253,614.66. What Im hoping is that we can continue to have that mindset as we scale. So if you look over the last 20 years, we're seeing a meaningful increase in allocations on the part of institutional and retail investors to alternatives. Get notified the next time Michael J. Arougheti buys or sells Ares Management stock. Copyright 2018 | John Hope Bryant and JohnHopeBryantHoldings, LLC | All rights reserved. I think that, for those of us who embraced it, it created a level of trust, of empathy, of relatability. Learn More on Michael J. Arougheti's trading history. Arougheti: Yeah, so the good news is about being an alternative manager is we don't have to invest the dollars that our clients give us. and I will never, forget that that conviction, of one Michael Arougheti. And so we're also seeing increasing demand for things like real assets and private equity. Arougheti:You have to look at it on a relative basis. Join the conversation with your own take on these topics in the comments below. Ares Management co-founders Tony Ressler and Michael Arougheti provided founding investments and served on the company's investment committee until last year. And that's a function of great performance, but it's also a function of what they call the denominator effect, which is as public market valuations come down, traditional fixed income valuations come down, those allocators of capital that are managing to a model have less capital to deploy into private equity. I was doing the same, so we struck up a conversation. And we're now seeing the retail investor really take hold as well. Because of what you did to help elevate me and my dreams, with Operation HOPE, and then later with the Promise Homes Company, you too get celebrated as a part of Black History Month. The second thing on my mind is that managing in crisis is different than managing status quo. There are no ways to adequately describe a man with conviction. So the way that we're approaching it is we're obviously looking for what we think is the best risk adjusted return globally. He additionally serves as Co-Chairman of Ares Capital Corporation ("ARCC"), Co-Chairman of Ares Acquisition Corporation ("AAC") and as a director of Ares Commercial Real Estate Corporation ("ACRE"). Prior to joining Indosuez in 1994, Mr. Arougheti worked at Kidder, Peabody & Co., where he was a member of the firm's Mergers and Acquisitions Group. For the last almost 10 years, it seems like almost every market has been correlated and performing well. Ares is no stranger to the single-family rental market; it joined Pretium Partners in a $2.4B joint-venture purchase of Front Yard Residential Corp. which closed in 2021. Prior to joining Ares in 2004, Mr. Arougheti was employed by Royal Bank of Canada ("RBC") from 2001 to 2004, where he was a Managing Partner of the Principal Finance Group of RBC Capital Partners and a member of the firm's Mezzanine Investment Committee. Prior to joining Ares in 2004, Mr. Arougheti was employed by Royal Bank of Canada from 2001 to 2004, where he was a Managing Partner of the Principal Finance Group of RBC Capital Partners and a member of the firm's Mezzanine Investment Committee. And then they did it again, one day at one of our HOPE Global Forum, watching a pitch competition of young Black and Brown business owners in the making. In addition to that, something thats been true my whole career but Ive come to appreciate lately is just how important it is to build high-quality teams. Tue, Mar . How is that easier than to digest? Block by block amd piece by piece, we pulled the institutional fabric together that we now call The Promise Homes Company. Picker:As you think about the inflationary environment, in particular, and in planning for your own business in conversations with LPs, what's your take for how long we will be in a current situation like we're in right now? Mr. Arougheti received a B.A. Frankel and his wife, Barbara, sold their two-story, 8,500-square-foot home at 1635 West 22nd Street on the Sunset Islands for $31.5 million. People cant leave their home challenges at home, go to work, and then go back to them its all a bit more fluid than that right now. Ares Management, however, has been a beneficiary of the current environment. Marko Gojanovic of One Sothebys International Realty represented the Frankels in the latest sale, and Reid Heidenry with the same firm represented Arougheti. They purchased a total of 8,706,492 shares worth more than $85,604,376.84. Most recently, Michael J. Arougheti sold 2,983 shares of the business's stock in a transaction on Thursday, November 10th. Director, Co-Founder, Chief Executive Officer and President of Ares. And that's obviously pretty attractive to an investor who's looking for certainty of yield. Thats one of the unique things about businesses like ours. In the last twelve months, Ares Management insiders bought shares 20 times. But they did it. Michael and I met casually, but our bond as brothers and friends, early on, was anything but casual. Mr. Arougheti owns 470,138 shares of Ares Management stock worth more than $39,200,106 as of February 9th. So we're giving a little bit back in the private flow. Picker: As you digest all of that, do you think it's possible to avoid a hard landing? Are you surprised that the credit quality has been able to withstand some of the pressures of a rising interest rate environment and lack of liquidity in the system? The Credit Group segment offers credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S. and European direct lending. Mike Arougheti, Ares Management LLC: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Markets The Close Romaine Bostick breaks down the day's top stories and trading. People, of deep convictions. All of the work that weve been doing around diversity, inclusion, belonging, ESG that accelerated because, while the pandemic is global, it exposed inequities in the economy and in our society that created lots of other reverberations in the business.
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