29 April 2026Markets & Economy
Ares slashes value of Clearlake software deals as AI bites
AI disruption just hit private credit portfolios hard. Ares Management wrote down loans to three Clearlake Capital software companies, with Quest Software debt trading at 25 cents on the dollar as legacy analytics and learning tools face obsolescence. Ares stock fell over 10 percent alongside peers as investors price in forced restructurings across a $50 billion universe of PE software deals. The write-downs come even as Ares led a $5.75 billion loan for Clearlake's Dun & Bradstreet buyout, showing lenders triaging existing problems while chasing new fees.
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