Ares Pathfinder fund raises $3.7 billion, nearly doubling target Ares Management closed its Ares Pathfinder Fund at $3.7 billion, a news release said Tuesday. The alternative credit fund closed well above its fundraising target of $2 billion. "We see distinct similarities between today's alternative credit market and the corporate direct-lending market of 10 years ago," said Kipp deVeer, partner and head of the Ares Credit Group, in the news release. "We have strong conviction that there is a sizable and growing market to make attractive investments in this important asset class and we intend to continue to invest time, capital and resources to support this growth," he said.