Fund XI exceeded the $825m raised for Ares US Real Estate Fund VIII. : Ares Management Corporation has raised $1.04bn (€916.1m) capital for its latest US value-added real estate fund. In April last year, IPE Real Assets reported that the manager was planning a billion-dollar capital raise for Ares US Real Estate Fund IX, which primarily targets US multifamily, industrial, and office properties. Ares said the amount raised for Fund XI at close, exceeded the $825m raised for Ares US Real Estate Fund VIII in December 2014. Fund IX received strong support from long standing existing investors as well as from new entrants, it said.