Class I shares continue to dominate the vehicle’s capital base, accounting for roughly three-quarters of shares outstanding at the end of June.

July 9, 2026

Ares Core Infrastructure Fund agreed to sell just over $1.11 billion of common shares in its July 2026 monthly closing, a sharp step up from the $715.5 million it raised two months earlier and a signal of accelerating investor demand for the non-traded infrastructure vehicle.

The Delaware-organized fund, advised by an Ares Management affiliate, priced the July subscriptions across its four share classes at the net asset value calculated as of June 30, 2026. Consistent with how perpetual-life non-traded funds operate, the per-share pricing will not be finalized until the month-end NAV is struck, which the fund expects within 20 business days after the start of July. The shares were placed under the customary private-placement exemptions, relying on Section 4(a)(2), Rule 506(b) of Regulation D and Regulation S.

Share Count Reveals Class I Dominance

While the fund disclosed the aggregate dollar amount of the July closing rather than a class-by-class breakdown, it reported total shares outstanding as of June 30. Class I remained overwhelmingly the largest class:

• Class I: approximately 156.8 million shares
• Class N: approximately 31.3 million shares
• Class S: approximately 12.0 million shares
• Class D: approximately 2.0 million shares

The concentration in Class I — the class that carries no upfront sales load and no shareholder servicing fees — points to a capital base weighted toward fee-sensitive institutional and advisory channels rather than commission-based retail distribution. That composition is typical of Ares-sponsored perpetual vehicles and has been a consistent feature of this fund since its earlier closings.

Fee Structure Across Classes

As in prior months, the fund charges no upfront sales load on any class, though selling agents may impose their own charges on the non-institutional classes. Those charges are capped at 2.0 percent of NAV for Class D and Class N shares and 3.5 percent of NAV for Class S shares. Class I shares remain exempt from any such load.

The July closing continues a run of monthly capital raises that have rapidly scaled the fund. Its May closing added $715.5 million and brought cumulative continuous-offering proceeds above $4 billion. The July intake, larger by more than half than that May figure, suggests fundraising momentum has strengthened heading into the second half of the year. The report was signed by Chief Financial Officer and Treasurer Christina Oh.