Ares Infrastructure Fund’s September Raise Eases to $767 Million, a Second Monthly Dip

Selling agents can still layer an upfront load of up to 3.5 percent onto Class S subscriptions even though the fund charges none itself.

September 9, 2026

Ares Core Infrastructure Fund agreed to sell $767.0 million of common shares in its September 2026 monthly closing, a second straight monthly decline for a vehicle that had been gathering more than $1 billion a month at midyear.

Subscriptions across the fund’s four classes will be priced at each class’s net asset value as of the last calendar day of August, a figure the fund expects to have in hand within 20 business days after the start of September. Until that NAV is struck, neither the per-share price nor the class-level split of the month’s intake is fixed. The fund has generally disclosed that detail, along with portfolio and distribution data, in a fuller report later in the month.

Load Caps Vary by Class

The fund itself levies no upfront sales load, and no underwriting discounts or commissions were paid on the September subscriptions. Investors buying through certain selling agents may still be charged an upfront load, transaction fees or brokerage commissions set by that agent, subject to per-class ceilings:

• Class I: no upfront load permitted under any circumstance
• Class D: capped at 2.0 percent of NAV
• Class N: capped at 2.0 percent of NAV
• Class S: capped at 3.5 percent of NAV

The spread is a live consideration for advisors weighing which class a client’s allocation should sit in, since the fund’s own pricing is identical across all four.

The shares were placed privately rather than through a registered offering, relying on Section 4(a)(2) of the Securities Act alongside Rule 506(b) of Regulation D and Regulation S. That confines participation to investors who qualify under those exemptions, even as the fund’s Exchange Act reporting obligations continue.

Class I Continues to Anchor the Capital Base

At the end of August the fund had 200,962,563 Class I shares outstanding, against 57,997,969 Class N shares, 14,859,216 Class S shares and 6,994,628 Class D shares. The weighting toward Class I, the class sold without a load and typically accessed through fee-based advisory relationships and larger allocations, has been a persistent feature of the fund’s growth rather than a recent shift.

A Slower Cadence After the First-Half Surge

The September figure follows an August closing of $799.5 million that came with a slight decline in per-share NAV, and a July closing that finalized at $1.12 billion as the fund’s asset base approached $5 billion. Monthly closings in perpetual-life vehicles routinely move with subscription timing rather than signaling a durable shift in demand, and the class-level detail that would sharpen the picture is still to come. The report was signed by Chief Financial Officer and Treasurer Christina Oh.