NEW YORK (S&P Global Ratings) March 31, 2021--S&P Global Ratings said today that the announced acquisition of Landmark Partners LLC--an asset manager focused on the secondaries market with presence in private equity, real estate, and real assets--by Ares Management Corp. (BBB+/Stable/--) will support Ares' growth in the secondaries space. At the end of 2020, Landmark had over $18 billion in assets under management. BrightSphere Investment Group Inc. (BBB-/Stable/--), a multiboutique asset manager, is currently the majority owner following the acquisition of Landmark during 2016. The transaction is valued at about $1.08 billion, including approximately $787 million in cash and about $293 million in Ares Operating Group Units, in each case subject to certain adjustments, and is expected to close in
