# Who are Ares Management's customers? Who does Ares Management earn revenue from?
Canonical: https://valuechain.wiki/ares-management · Facet: customers · Updated: 2026-10-17T16:07:50.730136+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Ares Management discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-10-17).

### 기관·개인 투자자 (운용보수) (high)
- metric: Amount $1B · Q2 2026 · Quarterly management fees
- note: Ares manages institutional and individual capital for recurring management fees. Q2 2026 management fees were $1.018 billion and AUM was $671.3 billion.
- [confirms] SEC EDGAR (EN, filing, published 2026-08-07) https://www.sec.gov/Archives/edgar/data/1176948/000162828026054538/ares-20260630.htm: "Q2 2026 management fees were $1.018 billion."
- [confirms] SEC EDGAR (EN, filing, published 2026-07-31) https://www.sec.gov/Archives/edgar/data/1176948/000162828026051191/a2026q2-ex992earningspre.htm: "Management fees were $1.018 billion and AUM was $671.3 billion."
- [confirms] Maeil Business Newspaper Securities (KO, news, published 2026-07-31) https://stock.mk.co.kr/news/view/1131901: "The Korean earnings report confirms $671 billion of AUM and record quarterly fundraising."
- [confirms] StockNow (KO, analysis, published 2026-07-31) https://stocknow.ai/ko/calls/lq6j8hfwsy55jndr9prszi7r/ares_q2-2026-earnings-call: "The Korean call analysis reports 17% growth in both AUM and fee-paying AUM."

### 성과보수·캐리 지급 펀드 (high)
- metric: Amount $293M · Q2 2026 · Carried interest allocation plus incentive fees
- note: Ares earns carried interest and incentive fees from fund performance. The two items totaled $292.7 million in Q2 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-08-07) https://www.sec.gov/Archives/edgar/data/1176948/000162828026054538/ares-20260630.htm: "The Form 10-Q confirms the quarterly carry and incentive-fee amounts."
- [confirms] SEC EDGAR (EN, filing, published 2026-07-31) https://www.sec.gov/Archives/edgar/data/1176948/000162828026051191/a2026q2-ex992earningspre.htm: "Carried interest allocation was $249.9 million and incentive fees were $42.8 million."

### BlackRock (high)  → /blackrock.md
- metric: Market share 7.11% · as of 2025-12-31 · BlackRock beneficial ownership of Ares Class A shares
- note: Ares's 2026 proxy reports that BlackRock beneficially owned 15,778,507 Class A shares, or 7.11%, at year-end 2025.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-21) https://www.sec.gov/Archives/edgar/data/1176948/000162828026026286/ares-20260420.htm: "BlackRock beneficially owned 15,778,507 Class A shares, representing 7.11%."

### 미쓰이스미토모파이낸셜그룹 (high)  → /sumitomo-mitsui-financial-group.md
- metric: Market share 6.02% · 2026 proxy statement · SMBC ownership of Ares Class A shares
- note: SMFG subsidiary Sumitomo Mitsui Banking Corporation held 13,364,740 Ares Class A shares, or 6.02%. Parent SMFG may be deemed to share voting and dispositive power.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-21) https://www.sec.gov/Archives/edgar/data/1176948/000162828026026286/ares-20260420.htm: "SMBC held 13,364,740 Class A shares, representing 6.02%."

Reverse side: https://valuechain.wiki/ares-management/suppliers.md · Ripple: https://valuechain.wiki/ares-management/ripple.md

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Full node: https://valuechain.wiki/ares-management.md · JSON: https://valuechain.wiki/ares-management.json