Private company

Ares Core Infrastructure Fund

Ares Core Infrastructure Fund is an investment fund that raised $1.5 billion in 2024 (SEC Form D).2 It is headquartered in Wilmington, United States.2

Last updated Oct 20, 2026.

Overview

$117.8MNet income, fiscal 20253
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business addressC/O Ares Management Llc, 2000 Avenue Of The Stars, 12Th Floor, Los Angeles, Ca 900674
  • Filer category, Emerging growth company4
  • Legal formBusiness Trust2
  • Kind of organizationInvestment fund2
  • LEI254900MDNI0CSD7ILU712
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O UNITED AGENT GROUP INC., 19803 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 36132212

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Ares Core Infrastructure Fund (together with its consolidated subsidiaries, where applicable, the “Fund”, which may also be referred to as “we,” “us,” or “our”), a Delaware statutory trust formed on May 7, 2024, is a closed-end management investment company. We elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”) on December 2, 2024 (the “BDC Election”).6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.6%Return on equity3

Financial statements

Fiscal year20242025
Interest$30.4M3
Income tax$34.0M3
Net income$117.8M3

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Corporate structure

Ares Core Infrastructure Fund sits at the top of its group. 14 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ares Core Infrastructure Fund

  • Nonghyup Bank as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II Filed SCHEDULE 13G/A on Ares Core Infrastructure Fund, latest Apr 20, 2026 (2 filings since Mar 6, 2025)
  • Ares Holdings L.P. Filed SCHEDULE 13G/A on Ares Core Infrastructure Fund, latest Oct 6, 2025 (2 filings since May 14, 2025)
  • Nonghyup Bank as Trustee for Mirae Asset ACI General Private Investment Trust 1 Filed SCHEDULE 13G on Ares Core Infrastructure Fund, latest Jul 30, 2025
  • JPH Private Investments LLC Filed SCHEDULE 13G/A on Ares Core Infrastructure Fund, latest May 6, 2025 (2 filings since Feb 13, 2025)
  • Phoenix Financial Ltd. Filed SCHEDULE 13G on Ares Core Infrastructure Fund, latest Mar 25, 2025
  • John Albert Overdeck Filed SCHEDULE 13G on Ares Core Infrastructure Fund, latest Feb 26, 2025
  • Donor Advised Charitable Giving, Inc. Filed SCHEDULE 13G on Ares Core Infrastructure Fund, latest Feb 10, 2025
  • Ares Core Infrastructure Fund Wilmington, Delaware, United States
    • ACI Denali Holdings, LLC Subsidiary · Delaware, United States
    • ACI Denali Member, LLC Subsidiary · Delaware, United States
    • ACI Liquid Aggregator SPV, LLC Subsidiary · Delaware, United States
    • ACI Meade Member, LLC Subsidiary · Delaware, United States
    • ACI Pioneer Holdings, LLC Subsidiary · Delaware, United States
    • ACI Pioneer Member, LLC Subsidiary · Delaware, United States
    • ACI Portfolio Aggregator SPV, LLC Subsidiary · Delaware, United States
    • ACI Sierra Holdings, LLC Subsidiary · Delaware, United States
    • ACI Sierra Member, LLC Subsidiary · Delaware, United States
    • ACI Tango Holdings, LLC Subsidiary · Delaware, United States
    • ACI Tango Member, LLC Subsidiary · Delaware, United States
    • Ares Aspen Holdings, LLC Subsidiary · Delaware, United States
    • Ares Aspen Member, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ares Core Infrastructure Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$296.5M3 Dec 31, 2025$25.5M3 Dec 31, 2024+1061.5%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 245 Park Avenue, 44th Floor, New York, New York 10167 and are provided by our Administrator or one of its affiliates in accordance with the terms of the Administration Agreement.

Item 2 of the 10-K filed Mar 5, 2026.6

Leadership

Who has led Ares Core Infrastructure Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Keith Derman2024–now
  2. Steven Porto2024–now

Chief financial officer

  1. Christina Oh2024–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorAnn Torre Bates named Oct 1, 202517

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ACI Denali Holdings, LLC Delaware5
  • ACI Denali Member, LLC Delaware5
  • ACI Liquid Aggregator SPV, LLC Delaware5
  • ACI Meade Member, LLC Delaware5
  • ACI Pioneer Holdings, LLC Delaware5
  • ACI Pioneer Member, LLC Delaware5
  • ACI Portfolio Aggregator SPV, LLC Delaware5
  • ACI Sierra Holdings, LLC Delaware5
  • ACI Sierra Member, LLC Delaware5
  • ACI Tango Holdings, LLC Delaware5
  • ACI Tango Member, LLC Delaware5
  • Ares Aspen Holdings, LLC Delaware5
  • Ares Aspen Member, LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 7, 20268-K Unregistered sale of shares; Other events18
  2. Sep 22, 20268-K Unregistered sale of shares; Other events19
  3. Sep 8, 20268-K Unregistered sale of shares; Other events20
  4. Aug 19, 20268-K Unregistered sale of shares; Other events21
  5. Jul 21, 20268-K Unregistered sale of shares; Other events22
  6. Jul 8, 20268-K Unregistered sale of shares; Other events23
  7. Jul 2, 20268-K Entered a material agreement; New debt or obligation24
  8. Jun 23, 20268-K Unregistered sale of shares; Other events25
  9. Jun 15, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation26
  10. Jun 5, 20268-K Unregistered sale of shares; Other events27
  11. May 19, 20268-K Unregistered sale of shares; Other events28
  12. May 7, 20268-K Unregistered sale of shares; Other events29
  13. Dec 2, 2024New chief executive Steven Porto becomes CEO11
  14. Dec 2, 2024New chief executive Keith Derman becomes CEO10
  15. May 7, 2024Founded Ares Core Infrastructure Fund is founded2

Filings

106 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 49 major events, 13 insider forms, 10 large holders, 4 private raises, 22 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Oct 1, 2026D/A EDGAR
  3. Sep 25, 2026SC TO-I/A EDGAR
  4. Sep 22, 20268-K EDGAR
  5. Sep 8, 20268-K EDGAR
  6. Aug 20, 2026SC TO-I EDGAR
  7. Aug 19, 20268-K EDGAR
  8. Aug 7, 202610-Q EDGAR
  9. Jul 21, 20268-K EDGAR
  10. Jul 8, 20268-K EDGAR
  11. Jul 2, 20268-K EDGAR
  12. Jun 26, 2026SC TO-I/A EDGAR
  13. Jun 23, 20268-K EDGAR
  14. Jun 15, 20268-K EDGAR
  15. Jun 5, 20268-K EDGAR
  16. May 20, 2026SC TO-I EDGAR
  17. May 19, 20268-K EDGAR
  18. May 14, 202610-Q EDGAR
  19. May 7, 20268-K EDGAR
  20. May 4, 20268-K EDGAR

The 106 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 19, 2025Porto StevenCo-Chief Executive OfficerBuy5,985$25.06$150.0KForm 4
Feb 19, 2025Derman KeithCo-CEO and TrusteeBuy3,990$25.06$100.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 28, 2024Raised $1.5 billion in a private offering of equity Form D: 3,178 investors so far Form D

SEC filer profile

How Ares Core Infrastructure Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAres Core Infrastructure Fund1
  • CIK0002031750
  • Employer ID (EIN)99-65418906
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Business addressC/O Ares Management Llc, 2000 Avenue Of The Stars, 12Th Floor, Los Angeles, CA 900671
  • Phone(310) 201-41001
  • Shares outstanding106,940,034 Class I Shares shares; 26,510 Class D Shares shares; 0 Class N Shares shares; 4,655,998 Class S Shares shares as of Mar 2, 20266
  • Public float$0 as of Mar 2, 20263
  • AuditorErnst & Young LLP, Los Angeles, California PCAOB ID 42; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceAug 9, 20241
  • Filings113 in all: 8-K (49), 3 (10), SCHEDULE 13G (7), 10-Q (6), 40-APP/A (6), SC TO-I (5), SC TO-I/A (5), 10-12G/A (3)1
    All 21 form types

    4 (3), D/A (3), SCHEDULE 13G/A (3), 10-K (2), 40-17G (2), CORRESP (2), 10-12G (1), 40-APP (1), APP NTC (1), APP ORDR (1), D (1), N-54A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Oct 7, 2026

Risk factors and legal proceedings

The risks Ares Core Infrastructure Fund names in Item 1A of its 10-K filed Mar 5, 2026: 75 risks under these headings, as written.6

  • Risks Relating to Our Business and Structure
  • Risks Relating to Our Investments
  • Risks Related to our Shares
  • General Risks
  • We have a limited operating history.
  • Our Board may change our operating policies and strategies without prior notice or Shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board may amend our Declaration of Trust without prior Shareholder approval.
  • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.
  • A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.
  • We are dependent upon certain key personnel of our Adviser for our future success and upon their access to other Ares investment professionals.
  • Our financial condition and results of operations depend on our ability to manage future growth effectively.
  • Our ability to grow depends on our ability to raise capital.
The other 67 risks
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.
  • The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.
  • We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • We are subject to a 150% asset coverage ratio.
  • In addition to regulatory requirements that restrict our ability to raise capital, the Revolving Credit Facilities and the Investment Credit Facilities contain various covenants that, if not complied with, could accelerate repayment under such credit facilities, thereby materially and adversely affecting our liquidity, financial condition and results of operations.
  • We are exposed to risks associated with changes in interest rates, including the current interest rate environment.
  • We operate in a highly competitive market for investment opportunities.
  • Our ability to enter into transactions with our affiliates is restricted.
  • There are significant potential conflicts of interest that could impact our investment returns.
  • Any sub-administrator that our Administrator engages to assist our Administrator in fulfilling its responsibilities, including the sub-administrator under the Sub-Administration Agreement, could resign from its role as sub-administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • We may recognize income before or without receiving cash representing such income, which may make it difficult for us to pay distributions or result in our paying our Adviser an incentive fee on income where we do not ultimately receive the cash.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected.
  • Increasing scrutiny from stakeholders and regulators with respect to sustainability - or ESG - matters may impose additional costs and expose us to additional risks.
  • New and evolving and sometimes conflicting sustainability/ESG regulations and disclosure expectations could increase our compliance costs and expose us to enforcement, litigation, or fundraising constraints.
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • We, our executive officers, trustees, and our Adviser, its affiliates and/or any of their respective principals and employees could be the target of litigation or regulatory investigations.
  • Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or enacted laws or regulations could require changes to certain business practices of us or such portfolio companies, negatively impact the operations, cash flows or financial condition of us or such portfolio companies, impose additional costs on us or such portfolio companies or otherwise adversely affect our business or the business of such portfolio companies.
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
  • Our Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • We may be obligated to pay our Adviser certain fees even if we incur a loss.
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Shares less attractive to investors.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital in the Private Offering, which would harm our ability to achieve our investment objective.
  • No Shareholder approval is required for certain mergers.
  • Our Declaration of Trust provides that state and federal courts in the State of Delaware are the sole and exclusive forum for certain Shareholder litigation matters, which could limit our Shareholders’ ability to obtain a favorable or convenient judicial forum for disputes with us or our trustees and officers.
  • We are highly dependent on the information systems of Ares and operational risks including systems failures could significantly disrupt our business, result in losses or limit our growth, which may, in turn, negatively affect the NAV of our Shares and our ability to pay distributions.
  • Investments in portfolio companies that operate Infrastructure Assets are generally larger, lack liquidity and may be subject to significant regulatory limitations.
  • We may acquire portfolio companies in the renewable energy industry, which is subject to risks of a rapidly evolving market.
  • We have significant liquidity requirements, and adverse market and economic conditions may adversely affect our sources of liquidity, which could materially and adversely affect our business operations.
  • The operation and maintenance of Infrastructure Assets involve significant capital expenditures and various risks, which may not be under our control.
  • Inflation may adversely affect our business, results of operations and financial condition of our portfolio companies.
  • Portfolio companies may experience supply chain disruptions that could adversely impact our business and financial condition.
  • Changes or innovations in technology could affect the profitability of a portfolio company that relies on existing technology.
  • Our business, results of operations and financial condition may be adversely affected by volatility in commodity prices.
  • Our portfolio companies may rely on third-party managers or operators which may fail to perform their duties adequately.
  • Compliance with environmental laws and regulations may result in substantial costs to our portfolio companies.
  • We may face heightened risks unique to the nature of our portfolio companies.
  • Our portfolio companies may not exhibit mitigating characteristics typical of assets, businesses or projects in the infrastructure space. As a result, there can be no assurance that any perceived benefits of our portfolio companies will be realized.
  • Force majeure events may adversely affect our assets.
  • The acquisition of portfolio companies that operate Infrastructure Assets exposes us to a higher level of regulatory control than typically imposed on other businesses.
  • Geographical concentration of our portfolio companies may make them more susceptible to changing conditions of particular geographic regions.
  • Declines in market prices and liquidity in the markets can result in significant reduction in the fair value of our portfolio, which in turn would reduce our NAV.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Investments in privately held companies involve significant risks.
  • Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable.
  • Our equity and debt investments in Infrastructure Assets may be risky, and we could lose all or part of our investments.
  • Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
  • We may be subject to risks associated with broadly syndicated loans.
  • There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
  • When we are a debt or minority equity investor in a portfolio company, we may not be in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.
  • We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Our portfolio companies may be highly leveraged.
  • Any investments that we may make in distressed securities could be considered speculative in nature and highly risky.
  • Our Adviser’s fee structure may create an incentive for it to make certain investments on our behalf, including speculative investments.
  • Our investments in foreign companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • As a BDC, we are permitted to enter into unfunded commitment agreements, and, if we fail to meet certain requirements, we will be required to treat such unfunded commitments as derivative transactions, subject to leverage limitations, which may limit our ability to use derivatives and/or enter into certain other financial contracts.
  • Risks Relating to an Investment in our Shares
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our Private Offering. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your Shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such Shares, and reduce the amount of funds we have for investment in targeted assets.
  • Any distributions to Shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from the Private Offering to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we have adopted a Share Repurchase Program, we have discretion to not repurchase Shares, and our Board has the ability to amend, suspend or terminate the Share Repurchase Program.
  • The timing of our repurchase offers pursuant to our Share Repurchase Program may be at a time that is disadvantageous to our Shareholders.
  • Our ability to raise capital may impact the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.
  • We may in the future determine to issue preferred shares, which could adversely affect the holders of our Shares.

Legal proceedings

From time to time, we, our executive officers, trustees and our Adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and we may, as a result, incur significant costs and expenses in connection with such legal proceedings.

We and our Adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our Adviser or legal or regulatory proceedings or investigations against us or our Adviser, respectively. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations.

The opening of Item 3, Legal Proceedings.6

Sources

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