A tilt toward oil and gas alongside renewables now defines the fund’s portfolio, with the two sectors together making up more than 80 percent of holdings.

July 21, 2026

Ares Core Infrastructure Fund finalized its July 2026 monthly closing at an aggregate $1,120.6 million, issuing just over 45 million common shares across its four classes and cementing one of the vehicle’s largest single-month raises to date. The share count was set on July 21, with each class priced at the June 30 net asset value.

By dollar amount, the closing broke down as follows:

• Class I: $641.0 million (25.8 million shares)
• Class N: $374.9 million (15.1 million shares)
• Class D: $70.0 million (2.8 million shares)
• Class S: $34.7 million (1.4 million shares)

Per-share net asset value across all four classes settled at $24.8841 as of June 30, essentially flat against the prior month. Aggregate net asset value reached approximately $5.03 billion, with portfolio investments carried at roughly $7.33 billion in fair value.

Distributions Held Steady Through Fall

The fund declared a July gross monthly distribution of $0.20830 per share across all classes, unchanged from recent months. After servicing and distribution fees, net payouts ranged from the full gross amount for Class I, which carries no such fees, down to $0.19034 for Class S. The July distribution is payable August 21 to holders of record July 31. Identical gross distributions were declared for August and September, extending the fund’s per-share payout visibility into October.

Portfolio Tilts Toward Conventional Energy

The fund held eleven equity investments at quarter-end with a combined fair value of about $6.12 billion. By fair value, the holdings were weighted as follows:

• Common equity: 64.26 percent
• Preferred equity: 13.84 percent
• First lien senior secured loans: 13.16 percent
• Other equity: 5.37 percent
• Senior subordinated loans: 3.37 percent

By industry, the portfolio now leans more heavily toward conventional energy than in prior disclosures. Oil, gas and consumable fuels represented the single largest exposure at 41.6 percent, narrowly ahead of independent power and renewable electricity producers at 39.8 percent. Data centers, a growing focus across infrastructure vehicles, accounted for 8.7 percent, with transportation infrastructure at 5.0 percent and electric utilities at 3.3 percent rounding out the top five.

Continuous Offering Nears $6.1 Billion

Since inception, the continuous offering has issued roughly 246 million common shares for total consideration of about $6.13 billion, with Class I representing the overwhelming majority at approximately $4.53 billion. The fund reiterated its intent to keep selling shares monthly.

The pace continues a rapid scaling trajectory: the fund raised $715.5 million in its May closing, and the July figure was previewed at an aggregate $1.11 billion earlier this month before the class detail was finalized.