Ares Closes Fifth Japan Logistics Real Estate Development Fund at ¥612 Billion (US$4 Billion), Hitting Hard Cap

NEW YORK & TOKYO — Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today the final close of Japan Logistics Development Partners V LP (“JDP V” or the “Fund”), the latest vintage in its Japan-focused logistics real estate development fund series. Raising ¥612 billion (approximately US$4 billion 1 ), including LP equity commitments and GP commitment, JDP V closed at its hard cap and is nearly 50% larger than its predecessor 2021-vintage JDP IV.

The Fund attracted commitments from a diversified global investor base comprising pension funds, sovereign wealth funds, insurance companies, financial institutions and other institutional investors across North America, Asia-Pacific, Europe and the Middle East. Canada Pension Plan Investment Board (“ CPP Investments ”) is a cornerstone investor in JDP V and has made an equity commitment of ¥150 billion (approximately US$968 million). CPP Investments is a founding investor in the JDP fund series and has participated in every vintage since its inception in 2011.

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The fundraise follows Ares’ acquisition of GCP International in March 2025, exceeds the ¥412 billion raised by JDP IV in 2021 and represents Ares Real Estate’s largest closed-end institutional fundraise to date, underscoring the strength of the strategy, the scale of the Japan platform and the benefits of Ares’ integrated global business.

Consistent with its predecessor funds, JDP V will primarily invest in the development of institutional-quality modern logistics facilities across Japan’s key metropolitan markets, including Greater Tokyo, Greater Osaka and Nagoya. With ¥1.7 trillion (approximately US$11 billion) of total investment capacity, the Fund is well positioned to capitalize on the structural tailwinds driving Japan’s logistics market. The Fund’s investments will be developed and operated by Marq Logistics, Ares’ vertically integrated global logistics real estate platform, which manages approximately 120 million square feet in Japan and over 655 million square feet globally, as of June 30, 2026. JDP V has already committed to projects representing approximately ¥450 billion in total investment, alongside a robust proprietary pipeline.

“We are grateful for the strong support from both longstanding and new investors in JDP V,” said Julie Solomon, Partner and Head of Ares Real Estate. “The successful close of our largest closed-end real estate fund to date reflects the strength of the team’s track record, the compelling opportunity set in Japan and the benefits of Ares’ scaled real estate platform. We look forward to continuing to create value for our investors through disciplined execution, local market expertise and global data and insights.”

“Japan remains one of the most attractive logistics markets globally, supported by long-term structural demand for modern supply-chain infrastructure,” said Yoshiyuki Chosa, Partner and Head of Japan Real Estate at Ares.