# Ares Climate Infrastructure Partners
Ares Climate Infrastructure Partners (ACIP) is the dedicated climate-infrastructure private equity fund series of Ares Management Corporation, run by Ares' Infrastructure and Power team under co-heads Keith Derman and Andrew Pike. Its fund vehicles are organized in Delaware, with management entities at 2000 Avenue of the Stars in Los Angeles and 245 [Park Avenue](https://www.edgepedia.org/park-avenue) in New York. The inaugural fund was announced in December 2021 at $2.2 billion of dedicated climate infrastructure capital, and the series was still completing its Fund II offering record as of December 2024.[1](https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml) • [2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) • [3](https://www.sec.gov/Archives/edgar/data/1975269/000092963824004318/0000929638-24-004318-index.htm)
| Fact | Detail |
|---|---|
| First offering | Fund I date of first sale August 3, 2020[1](https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml) |
| Manager | Ares Management (Infrastructure and Power strategy)[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) |
| Co-heads | Keith Derman and Andrew Pike, Partners and Co-Heads of Ares Infrastructure and Power[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) |
| Strategy | Climate infrastructure across equity, preferred equity, and structured debt[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) |
| Fund I | ~$1.4 billion raised; December 2021 close[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) |
| Fund II | $1,329,876,375 reported as of the December 2024 amendment (unverified aggregator)[4](https://www.dealdata.net/company-profile/0001975269/) |
| Related vehicle | Ares Climate Infrastructure Strategies Fund (C), L.P., $400.1 million offering (2023)[5](https://www.sec.gov/Archives/edgar/data/1987624/000156761923006960/0001567619-23-006960.txt) |
## History and people
Ares filed the original Form D for Ares Climate Infrastructure Partners, L.P. in 2020, with the first sale dated August 3, 2020.[1](https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml) The inaugural fund closed in December 2021, announced by Ares as $2.2 billion of dedicated climate infrastructure capital: approximately $1.4 billion in the flagship fund plus $800 million in related transaction vehicles.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital)
The fund filings name the core team. Keith Derman, Michael Smith, and Julie Solomon appear at 245 Park Avenue, New York, and Andrew Pike and Mohan Thomas at Needham, Massachusetts; Mohan Thomas is listed as Vice President and Assistant Secretary of the General Partner and signed the 2023 Strategies Fund filing.[1](https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml) • [5](https://www.sec.gov/Archives/edgar/data/1987624/000156761923006960/0001567619-23-006960.txt) Derman and Pike are Partners and Co-Heads of Ares Infrastructure and Power, a team of nearly 30 investment professionals that had deployed over $9 billion across more than 250 infrastructure and power assets and companies as of September 30, 2021.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) The record does not document the principals' careers before ACIP.
## Investment strategy
ACIP targets renewable energy, resource and energy efficiency, energy storage, vehicle electrification, and transmission sectors, investing across equity, preferred equity, and structured debt.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) The fund is partnered with Aligned Climate Capital LLC, which provides ESG screening, reporting, and sourcing support.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) A related pooled vehicle, Ares Climate Infrastructure Strategies Fund (C), L.P., filed a Form D in August 2023 with a stated offering size of $400.1 million; its general partner is Ares CIP Management II, L.P. in Los Angeles and its manager is ACIP Investment Management LLC in New York.[5](https://www.sec.gov/Archives/edgar/data/1987624/000156761923006960/0001567619-23-006960.txt)
## Funds raised
The fundraising record shows a progression from partial to final totals. The 2021 Form D/A amendment for Fund I reported $668,300,000 total sold, aggregated across the issuers, parallel funds, and feeder vehicles and including a $25 million commitment from the General Partner.[1](https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml)
Fund II followed quickly. Ares launched Ares Climate Infrastructure Partners II per a Form D filed June 28, 2023, with no fundraising target disclosed; Ares declined to comment on its fundraising activity.[6](https://irei.com/news/ares-brings-second-climate-infrastructure-fund-to-market/) Fund II and its parallel vehicles, Ares Climate Infrastructure Partners II-A, L.P. and II-B, L.P., filed Form D/A amendments in 2024 under file number 021-485422, and an aggregator rendering of the II-B filing reports $1,329,876,375 raised as of the December 30, 2024 amendment.[3](https://www.sec.gov/Archives/edgar/data/1975269/000092963824004318/0000929638-24-004318-index.htm) • [4](https://www.dealdata.net/company-profile/0001975269/)
## Portfolio and deals
The deals documented in the record sit under the broader Ares Infrastructure and Power strategy rather than being attributed fund-by-fund to ACIP. In March 2022, SB Energy (USA) secured $600 million of development capital from [Ares Management](https://www.edgepedia.org/ares-management), and Distributed Solar Development received $200 million the same month; development capital followed for GNZ Energy in July 2022 and Heelstone Renewable Energy in August 2022.[7](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-private-equity-investment-in-the-global-clean-economy-2023/lead-general-partners-profiles-pegp2023/ares-private-equity-group-pegp2023/) In December 2022, the strategy entered into an agreement to acquire a majority stake in Apex Clean Energy, a wind, solar, and storage developer.[7](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-private-equity-investment-in-the-global-clean-economy-2023/lead-general-partners-profiles-pegp2023/ares-private-equity-group-pegp2023/) At the December 2021 close, nearly 50% of ACIP's capital was already invested or committed.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) No completed exits are documented in the record.
## Investors and LP base
The inaugural fund drew investors from North America, Europe, Asia, and the Middle East, including pension funds, sovereign wealth funds, insurance companies, ultra-[high-net-worth individuals](https://www.edgepedia.org/high-net-worth-individual), family offices, and funds of funds.[6](https://irei.com/news/ares-brings-second-climate-infrastructure-fund-to-market/) Ares said nearly 30% of the fund's limited partners were new to the Ares platform.[2](https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital) The record names no individual LPs and identifies no public pension anchor investors.
## References
1. SEC Form D/A — Ares Climate Infrastructure Partners, L.P. and ACIP Parallel Funds. https://www.sec.gov/Archives/edgar/data/1810559/000156761921012462/xslFormDX01/primary_doc.xml
2. Ares Management Corporation Raises $2.2 Billion of Climate Infrastructure Capital (Business Wire, December 15, 2021). https://www.businesswire.com/news/home/20211215006088/en/Ares-Management-Corporation-Raises-%242.2-Billion-of-Climate-Infrastructure-Capital
3. SEC EDGAR filing index 0000929638-24-004318 — Form D/A for Ares Climate Infrastructure Partners II, L.P. (2024). https://www.sec.gov/Archives/edgar/data/1975269/000092963824004318/0000929638-24-004318-index.htm
4. Dealdata profile — Ares Climate Infrastructure Partners II-B, L.P. (Form D data; unverified aggregator). https://www.dealdata.net/company-profile/0001975269/
5. SEC Form D — Ares Climate Infrastructure Strategies Fund (C), L.P., filed 2023-08-17. https://www.sec.gov/Archives/edgar/data/1987624/000156761923006960/0001567619-23-006960.txt
6. Ares brings second climate infrastructure fund to market (Institutional Real Estate, Inc.). https://irei.com/news/ares-brings-second-climate-infrastructure-fund-to-market/
7. CleanBridge PEGP2023 — Ares Private Equity Group profile. https://www.cleanbridge.co/insights/energy-transition/cleanbridge-private-equity-investment-in-the-global-clean-economy-2023/lead-general-partners-profiles-pegp2023/ares-private-equity-group-pegp2023/
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Infrastructure and real assets*
*Initially written Sep 17, 2026 · Reviewed: Sep 19, 2026 · Edited: Sep 19, 2026; Oct 11, 2026; Oct 25, 2026 · Last review: Sep 19, 2026*
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