Ares Core Infrastructure Fund Finalizes $769 Million September Raise at $24.78 NAV

Independent power producers and oil, gas and consumable fuels each account for roughly two-fifths of the portfolio, with data centers a distant third at 8.6%.

September 23, 2026

Ares Core Infrastructure Fund raised $769.0 million in its September 2026 monthly closing. Share counts were finalized on September 22, and every class was priced at the fund’s August 31 net asset value of $24.7808 per share. The finalized total lands slightly above the preliminary $767.0 million the fund reported earlier in the month.

Class I again carried the closing, bringing in $384.6 million across roughly 15.5 million shares. Class N followed with $323.4 million, while Class S added $47.9 million and Class D $13.1 million, for a total of 31,031,335 shares issued. The shares were sold privately under Section 4(a)(2) of the Securities Act, Rule 506(b) of Regulation D and/or Regulation S.

Power and Fuels Dominate the Portfolio

As of August 31, the fund’s aggregate NAV was approximately $6.96 billion, and its portfolio investments carried a fair value of about $7.88 billion. Eleven equity investments accounted for roughly $6.25 billion of that total. By fair value, the portfolio broke down as follows:

• Common equity: 61.46%
• First lien senior secured loans: 18.72%
• Preferred equity: 12.87%
• Other equity: 4.99%
• Senior subordinated loans: 1.86%
• Corporate bonds: 0.10%

Industry exposure is concentrated. Independent power and renewable electricity producers represented 40.5% of fair value and oil, gas and consumable fuels 39.1%. Data centers followed at 8.6%, transportation infrastructure at 5.8% and electric utilities at 3.5%. The remaining five of the ten largest industries were each below 1%.

Distributions Declared Through Year-End

The fund declared a gross monthly distribution of $0.20830 per share for every class for September. It is payable on or about October 23 to shareholders of record at the open of business on September 30. After shareholder servicing and distribution fees, September net distributions come to $0.20830 for Class I, $0.20321 for Class D, $0.19812 for Class N and $0.19099 for Class S.

The same gross amount was declared for October, November and December, with payments scheduled on or about November 20, December 24 and January 25, 2027. Net amounts for the fee-bearing classes will reflect the fees in effect on each record date. Distributions are paid in cash or reinvested for participants in the distribution reinvestment plan.

Cumulative Raise Tops $7.7 Billion

To date, the continuous private offering has issued about 309.5 million shares for total consideration of $7,705.0 million. That count excludes reinvestment-plan shares and reflects transfers between classes. Class I accounts for $5,346.8 million of the total, and the fund intends to keep selling shares monthly.

The fund charges no upfront sales load. Selling agents may impose one of up to 2.0% of NAV on Class D and Class N shares and up to 3.5% on Class S shares. Class I shares carry no upfront load. The report was signed by Chief Financial Officer and Treasurer Christina Oh.