Shares of private equity giant Ares Management (ARES) are trading higher after the recent spending bill included provisions that private equity firms have been aggressively lobbying over.
According to Bloomberg, private equity firms Apollo Global Management (APO) and Ares Management are set to benefit from a last minute measure added to the $1.3T spending bill that could expand the companies’ businesses. Lawmakers from both sides of the aisle added provisions that would allow investment companies controlled by private-equity firms to borrow more money and increase their lending, Bloomerg said, adding that the revision would ease rules for business development companies, which provide capital for startups.
PRICE ACTION: Shares of Ares Management are up over 3% to $21.75 in afternoon trading.
OTHERS TO WATCH: Other private equity firms to watch include Apollo Global, Oaktree Capital (OAK), The Carlyle Group (CG) and The Blackstone Group (BX).