Ares: Alternative Credit Completes Acquisition Of Specialty Finance Loan Portfolio From PacWest

(RTTNews) - Ares Management Corp. (ARES) announced that certain funds managed by its Alternative Credit strategy have completed the acquisition of a $3.5 billion specialty finance loan portfolio from PacWest Bancorp (PACW). The portfolio, which was originated by PacWest's Lender Finance unit, is backed by assets including consumer loans, small business loans, timeshare receivables, auto loans, asset manager and fund finance loans, residential real estate loans, and commercial real estate loans.

Paul Taylor, CEO of PacWest Bancorp, said: "This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking."