The non-traded vehicle also locked in five months of declared distributions and disclosed a $5.6 billion portfolio anchored by renewables, midstream pipelines and aircraft engines.

May 20, 2026

Ares Core Infrastructure Fund completed its May 2026 monthly closing with an aggregate equity raise of $715.5 million, issuing roughly 28.8 million new common shares across four share classes. The Delaware-organized fund, managed by Ares Capital Management II LLC, finalized the share count on May 19, 2026, with subscriptions priced at the per-share net asset value calculated as of April 30, 2026.

The issuances were placed in private transactions exempt from registration under Section 4(a)(2) of the Securities Act of 1933, relying on Rule 506(b) of Regulation D and Regulation S.

May Closing by Share Class

Class N shares drove the bulk of May’s capital intake, followed by Class I:

• Class N: approximately 15.5 million shares for $384.6 million
• Class I: approximately 10.3 million shares for $257.0 million
• Class S: approximately 1.8 million shares for $43.9 million
• Class D: approximately 1.2 million shares for $30.0 million

Net Asset Value and Portfolio Size

As of April 30, 2026, per-share net asset value for the Class I, Class D and Class S share classes stood at $24.8805. The fund’s aggregate net asset value reached approximately $3.45 billion, while the fair value of total portfolio investments was reported at roughly $5.62 billion. The figures mark substantial scaling from earlier in the fund’s life, when it disclosed approximately $155 million in assets.

Distribution Schedule Extended Through Fall

The board declared a regular monthly distribution for May 2026 of $0.20830 per share on a gross basis across all four classes. After applicable shareholder servicing and distribution fees, net distributions per share were:

• Class I: $0.20830 (no fee)
• Class D: $0.20302
• Class N: $0.19773
• Class S: $0.19034

The May payouts go to shareholders of record at the open of business on May 29, 2026, with payment on or about June 24, 2026. In a parallel announcement, the fund declared identical $0.20830-per-share gross monthly distributions for June, July, August and September 2026, giving investors forward visibility on cash flow. Each scheduled payment will be made in cash or reinvested under the fund’s distribution reinvestment plan, with record dates falling on the final day of each month and payment dates roughly three weeks later.

Portfolio Tilts Toward Renewables and Midstream

The fund held nine equity investments at the end of April with a combined fair value of approximately $4.67 billion. At fair value, the portfolio composition was:

• Common equity: 76.88 percent
• First lien senior secured loans: 14.49 percent
• Other equity: 6.24 percent
• Senior subordinated loans: 2.39 percent

The underlying exposures span four broad categories. Four portfolio companies collectively operate an approximately 3.9-gigawatt renewables fleet across 22 projects in the PJM, MISO, ERCOT, Western Electricity Coordinating Council and Southwest Power Pool regions, with solar accounting for 74 percent of capacity, wind 17 percent and battery storage 9 percent. Two additional entities hold an approximately 40 percent stake in the Central Penn Line, a fully contracted 178-mile natural gas pipeline operating under long-term triple-net leases through 2042.

A separate position covers a 99 percent interest in seven aircraft engines on seven-year leases to a North American airline, and a fourth holding represents approximately 32.4 percent of the Rover pipeline, a 713-mile interstate line transporting Appalachian Basin gas into the Midwest and onward to the U.S.-Canada border. An additional other-equity position represents a 2.6-gigawatt renewables portfolio composed of 53 percent solar, 25 percent wind and 22 percent co-located battery storage.

Continuous Offering Crosses $4 Billion

Since launching its continuous offering, the fund has issued nearly 166.8 million common shares for total consideration of approximately $4.16 billion, with Class I dominating at roughly $3.49 billion raised. Management indicated it intends to continue selling common shares on a monthly basis. Investor interest in the vehicle has previously drawn institutional attention, including a disclosed position reported earlier this year.