Aresâ previous four private equity funds netted a cumulative internal rate of return of 17 percent and a 1.6x multiple, according to fund presentation documents made public by New Mexico. Ares Corporate Opportunities Fund III has been a particularly strong performer, netting a 23 percent IRR as of June 30. Ares began marketing Fund V in the second quarter and will likely continue fundraising through the end of this year. The firm expects to hold a final close next year, Ares President and co-founder Michael Arougheti said on a second-quarter earnings call. âWeâre seeing significant early demand for this fund,â...