Ares Raises $2.3 Billion for Life Insurer, Annuity Firm Aspida

Ares Management Corp. secured more than $2.3 billion of equity commitments for Aspida Holdings, a life insurance and annuity firm backed by the alternative asset manager.

Sovereign wealth funds, family offices and other investors worldwide committed the capital, as did Ares, which supported Aspida’s debut four years ago and has a minority stake in the insurer.

Aspida also recently closed an offering of $700 million in credit facilities, bringing the total capital raised to more than $3 billion, the firms said in a statement Thursday.

Ares is among a raft of alternative asset managers backing or buying insurers, ...