Money Maze Podcast 188: Yield, Shield, and Scale: Inside the Ares Management Playbook (With Blair Jacobson, Co-President)
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Nov 27, 2025 Blair Jacobson, Co-President of Ares Management and expert in alternative investments, shares insights on private credit and BDCs. He explains Ares' high-yielding business model and the benefits of being a public company. The conversation dives into Europe's banking reliance vs. private credit, highlighting opportunities in the middle market. Blair details Ares' sports investments, including a significant stake in Chelsea FC, and discusses the growth of credit secondaries, emphasizing risk management and investor education in a changing landscape.
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BDC Structure Powers High Yield Access
- Ares' listed BDC must distribute >90% of taxable income and targets a consistent 9–10% yield.
- The BDC provides retail access to private credit while Ares Management collects fee streams above it.
Going Public Built Currency And Growth
- Listing gave Ares a public currency to distribute ownership, boost brand and fund growth.
- The public listing enabled ~15 strategic acquisitions and inorganic expansion.
Private Capital Is Gaining Ground In Europe
- Private capital penetration in Europe lags the US but is rising after the GFC and regulatory pullback by banks.
- Ares sees Europe at ~60–65% market penetration with substantial room to grow.
