Ares Management acquires $3.5 billion loan portfolio from PacWest.

PacWest Bancorp has sold a $3.5bn asset-backed loan portfolio to Ares Management Corp. in a bid to improve liquidity by selling assets to private investment firms. The portfolio purchased by Ares has an aggregate commitment amount of $3.54bn, including an outstanding principal balance of $2.21bn. Private equity and private credit shops are among the few firms with the capital and appetite needed to buy sizable amounts of consumer assets originated by bigger banks.