Perspectives

In this piece, Ares CEO Mike Arougheti explores how the term “private credit” has a perception problem, often evoking images of opaque deals or hidden risk. In reality, private or public, credit is simply capital extended to worthy borrowers in exchange for the promise of repayment and interest.

While many financial institutions operate behind closed doors, our U.S. Direct Lending business thrives on openness, COO Jana Markowicz explained. From open investment committees to candid conversations, every level of decision-making is designed to share insights and foster collaboration—creating value for partners and teams alike.

The industry’s growth could hit new milestones amid expansion beyond the core corporate lending segment and rising interest from private wealth investors.

After several turbulent years, real estate markets are finally regaining momentum. 2026 is shaping up to be a pivotal year for asset managers and investors as values stabilize—and even rise—across key sectors like logistics, multifamily and beyond.