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Ares Management raises $3.7bn to invest in sports industry

Los Angeles, California-based hedge fund Ares Management has announced it has raised $3.7bn (€3.7bn) focused exclusively on investing in sports leagues, sports teams, and sports-related franchises, as well as media and entertainment companies.

The Ares Sports, Media and Entertainment Finance fund was oversubscribed relative to its initial target of $1.5bn.

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