Ares Management, a private equity firm, agreed to acquire the middle market lending portfolio from Annaly Capital Management, a diversified capital manager that invests in and finances residential and commercial assets, for $2.4bn. “We are pleased to enter into this transaction, which further reinforces Ares’ position as a global leader in direct lending by adding an attractive portfolio of diversified borrowers of upper middle market companies. This acquisition provides significant incumbency and deal sourcing advantages and relationship benefits, which we believe will lead to enhanced returns for our investors," Mitchell Goldstein and Michael Smith, Ares Partners and Co-Heads of Credit Group.