Capital Allocators – Inside the Institutional Investment Industry Kipp deVeer – The World of Private Credit at Ares (EP.329)
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Jul 24, 2023 Kipp deVeer is a seasoned Director and Partner at Ares Management, where he leads the Ares Credit Group and serves as CEO of Ares Capital Corporation. He shares insights into the evolution of private credit, reflecting on his two-decade journey in the sector. Kipp discusses the strategies behind Ares' significant growth, the importance of talent collaboration, and navigating the complexities of deal sourcing and underwriting. He also explores current and future opportunities in private credit amidst rising interest rates and market challenges.
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Ares in 2004
- When Kipp deVeer joined, Ares Management was a smaller firm with around 65 people, primarily located in Los Angeles.
- It managed about $3 billion in CLOs and was close to closing a $750 million private equity fund.
Ares Growth Strategy
- Ares Management strategically grows through acquisitions and organic expansion, leveraging internal expertise.
- This approach allows them to rapidly scale acquired businesses and integrate them effectively.
The Ares Way
- Prioritize being viewed as great partners because an investment firm's primary assets are people and money.
- Focus on selling yourself as a person and collaborating effectively within the organization.