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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________
 
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) February 5, 2025
 
ARES MANAGEMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
Delaware 001-36429 80-0962035
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067
(Address of principal executive office) (Zip Code)
(310) 201-4100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareARESNew York Stock Exchange
6.75% Series B mandatory convertible preferred stock, par value $0.01 per shareARES.PRBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



1

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective February 5, 2025, the board of directors (the “Board”) of Ares Management Corporation (the “Company”) appointed R. Kipp deVeer and Blair Jacobson as Co-Presidents of the Company. Concurrently with the appointment of Messrs. deVeer and Jacobson, Michael J Arougheti stepped down as President. Mr. Arougheti, a Co-Founder of the Company, will continue in his role as Chief Executive Officer of the Company and a member of the Board.

Mr. deVeer, age 52, is a member of the Board and Partner and Co-President of the Company. He previously served as Head of the Ares Credit Group. He serves as a member of the board of directors and Chief Executive Officer of Ares Capital Corporation and also serves on the Investment Committee for the U.S. Direct Lending, European Direct Lending, Pathfinder, Special Opportunities and Insurance Solutions strategies. Prior to joining the Company in 2004, Mr. deVeer was a Partner at RBC Capital Partners, a division of Royal Bank of Canada, which led the firm’s middle market financing and principal investment business. Mr. deVeer joined RBC in October 2001 from Indosuez Capital, where he was Vice President in the Merchant Banking Group. He began his career at J.P. Morgan and Co., working both in the Special Investment Group of J.P. Morgan Investment Management, Inc. and prior to that in the Investment Banking Division of J.P. Morgan Securities Inc. Mr. deVeer received a B.A. from Yale University and an M.B.A. from Stanford University’s Graduate School of Business.

Mr. Jacobson, age 52, serves as Partner and Co-President of the Company. He previously served as Co-Head of European Credit in the Ares Credit Group. He serves on the boards of Ares Management Limited, Ares Management UK Limited and Aspida Holdings Ltd. and also serves on the Investment Committee for the European Direct Lending, European Liquid Credit, Credit Secondaries and Sports, Media and Entertainment strategies. Prior to joining the Company in 2012, Mr. Jacobson was a Partner at The StepStone Group, where he focused on building and running European operations, including oversight of private debt and equity investments. Previously, Mr. Jacobson was a Partner at Citigroup Private Equity and Mezzanine Partners in London and New York. In addition, he has held a variety of roles in investment banking and mergers and acquisitions in a broad range of industries, including at Lehman Brothers. Mr. Jacobson received a B.A. from Williams College and an M.B.A. from the University of Chicago Booth School of Business.

There are no arrangements or understandings between Mr. deVeer and any other person pursuant to which he was appointed as Co-President. In addition, there are no family relationships between Mr. deVeer and any other person that would require disclosure under Item 401(d) of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and there are no transactions between Mr. deVeer and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Exchange Act, except as disclosed in the Company’s Definitive Proxy Statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 19, 2024, such information is incorporated by reference herein.

There are no arrangements or understandings between Mr. Jacobson and any other person pursuant to which he was appointed as Co-President. In addition, there are no family relationships between Mr. Jacobson and any other person that would require disclosure under Item 401(d) of Regulation S-K of the Exchange Act, and there are no transactions between Mr. Jacobson and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Exchange Act. The Company has entered into a customary indemnification agreement with Mr. Jacobson substantially in the form attached as Exhibit 10.35 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 001-36429) filed with the SEC on February 28, 2022.

Item 7.01 Regulation FD Disclosure.

On February 5, 2025, the Company issued a press release announcing the appointment of Messrs. deVeer and Jacobson as Co-Presidents of the Company, as described under Item 5.02 above. The text of the press release is attached as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.


2

Item 9.01 Financial Statements and Exhibits.
 
(d)                               Exhibits:
 
Exhibit Number Description
   
 Press Release, dated February 5, 2025
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

3

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ARES MANAGEMENT CORPORATION
Dated: February 5, 2025
By:/s/ Naseem Sagati Aghili
Name:Naseem Sagati Aghili
Title:General Counsel and Corporate Secretary

4
Exhibit 99.1
Ares Management Names Kipp deVeer and Blair Jacobson as Co-Presidents

Michael Arougheti to Continue as Chief Executive Officer

NEW YORK — February 5, 2025 — Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today that it has appointed Kipp deVeer and Blair Jacobson to the newly created positions of Co-Presidents, effective immediately. Both Mr. deVeer and Mr. Jacobson will report to Michael Arougheti, Ares’ Chief Executive Officer. Mr. deVeer and Mr. Jacobson will continue to be based in New York and London, respectively.

Mr. deVeer and Mr. Jacobson will transition from their day-to-day management in the Credit Group to work closely with Mr. Arougheti to help drive firm-wide strategic and operational initiatives, support critical investor and counterparty relationships, and continue to develop the next generation of leaders at Ares.

In connection with these appointments, Mitchell Goldstein and Michael Smith will continue to serve as Co-Heads of Ares’ Credit Group, which they have co-led since 2017. Michael Dennis and Matt Theodorakis will continue to jointly lead the European Direct Lending strategy.

“Senior talent development has been and will continue to be a top priority at Ares,” said Mr. Arougheti. “As a result, we are fortunate to have many leaders who have demonstrated their ability to manage at the highest level. I have had the pleasure of working closely with Kipp and Blair over the past 30 years, witnessing firsthand their ability to innovate and build highly successful businesses at the firm. As proven leaders, I am confident that they will make significant positive impact in their new roles. I look forward to continuing to work with them in their newly expanded positions for years to come.”

“I am very honored and humbled to be named a Co-President of this firm and feel fortunate to share this role with Blair, with whom I have worked for more than a decade as we helped build the global Credit Group at Ares,” said Mr. deVeer. “I also wanted to acknowledge and thank Mitch Goldstein and Michael Smith for the incredibly strong partnership we have had as Heads of the Credit Group. They are long-time trusted friends and colleagues, and I look forward to continuing to work with them and the many other talented senior leaders across the firm in my new role as we continue to build upon our history of growth and success.”

“I am so proud of the business and market leadership position that Mike Dennis and I have helped establish for Ares’ direct lending business in Europe over the last 13 years,” said Mr. Jacobson. “Looking ahead, I am excited to leverage the international experience and insight I have gained as I step into this new role. I am deeply committed to supporting Ares’ long-term success alongside Kipp, Mike and other leaders across the firm.”

Concurrent with the elevation of Mr. deVeer to Co-President of Ares, Ares Capital Corporation (“Ares Capital”), which is externally managed by a subsidiary of Ares, also announced the appointment of Kort Schnabel as Chief Executive Officer of Ares Capital, effective April 30, 2025. Jim Miller, who currently serves as Co-President of Ares Capital alongside Mr. Schnabel, will continue as sole President of Ares Capital.

Mr. deVeer joined Ares in 2004 and has been a key architect in founding and building the Ares Credit Group. Under his leadership alongside Mr. Goldstein and Mr. Smith, the Credit Group has experienced significant growth and today represents Ares’ largest business. In addition to his responsibilities in overseeing the Credit Group, Mr. deVeer has also served as Chief Executive Officer of Ares Capital since 2014. He currently serves as a Director on the Ares Management Board of Directors and on the Investment Committee for the U.S. Direct Lending, European Direct Lending, Pathfinder, Special Opportunities and Insurance Solutions strategies. Mr. deVeer received a B.A. from Yale University and an M.B.A. from Stanford University's Graduate School of Business.

Mr. Jacobson joined Ares in 2012 to build Ares’ market-leading European Direct Lending platform. Mr. Jacobson served as Co-Head of Ares’ European Credit team, and he also serves on the boards of Ares Management Limited, Ares Management UK Limited and Aspida Holdings Ltd. Mr. Jacobson serves on the Investment Committee for the European Direct Lending, European Liquid Credit, Credit Secondaries and Sports, Media and Entertainment strategies. He holds a B.A. from Williams College and an M.B.A. from the University of Chicago Booth School of Business.


About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2024, Ares Management Corporation's global platform had over $484 billion of assets under management with operations across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Contacts:

Investors
Carl Drake or Greg Mason
irares@aresmgmt.com

Media
Priscila Roney, +1 212-808-1185
Jacob Silber, +1 212-301-0376
media@aresmgmt.com


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Feb. 05, 2025
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Entity Tax Identification Number 80-0962035
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Ares Management (NYSE:ARES-B)
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