Form D · Other Investment Fund
Ares US Real Estate Fund XI, L.P.
Los Angeles, CA · CIK 0002046604
Offering snapshot reported Dec 31, 2025 · SEC filing
- Reported sold
- $2.28B Indefinite offering
- Investors reported
- 61 Form D · investor count
- Minimum accepted
- $0 Reported outside-investor minimum
- First sale
- Dec 23, 2024 As reported in this filing
Fundraising history
Reported soldDates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.
What changed?
Latest filing versus its linked predecessor, where available.
- Reported investors0 → 61
Filing history
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| Filed | Filing type | Reported sold | Change vs linked filing | Investors | Source |
|---|---|---|---|---|---|
| Dec 31, 2025 | Amendment | $2,277,100,000 | No comparison | 61 | SEC filing |
| Dec 22, 2025 | Amendment | $2,166,100,000 | No comparison | 58 | SEC filing |
| Dec 20, 2024 | Initial | Yet to sell | No comparison | 0 | SEC filing |
Offering details
- Securities
- Pooled investment fund
- Exemptions
- 06b, 3C, 3C.7
- Duration over one year
- No
- Business combination
- No
- Sales commissions
- $0 (estimated)
- Finders' fees
- $0 (estimated)
- Form D file number
- 021-532972
Amounts to be paid to certain Recipients listed in Item 12 (Sales Compensation) will be based on a percentage of capital raised from certain limited partners.
Sales compensation recipients
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| Recipient | CRD | Associated broker-dealer |
|---|---|---|
| Ares Management Capital Markets LLC | 166219 | |
| Korea Asset Investment Securities Co., Ltd. | None | |
| Mirae Asset Securities Co., Ltd. | None |
Source: Form D, filed Dec 31, 2025. Minimum accepted may differ from a standard advertised minimum.
Fund connections
Each card uses that adviser's latest imported filing. Filing dates can differ; these disclosures do not confirm a current relationship.
Matched by reported Form D file number
ARES US REAL ESTATE FUND XI, L.P.
Investment adviser: ARES MANAGEMENT LLC
- Gross asset value
- $1.28B
- Beneficial owners
- 23
- ADV minimum commitment
- $10M
Reported in Form ADV on Aug 26, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.
Service providers
Provider details
- Annual audit
- Yes
- Prime brokers
- No
- Custodians
- Yes
- Administrator other than the adviser
- Yes
- External marketing
- Yes
ERNST & YOUNG LLP
PCAOB 42
ARES MANAGEMENT CAPITAL MARKETS LLC
CRD 166219 · SEC 8-69194
Fund asset history · 2 annual observations
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| Fiscal year | Gross assets | Beneficial owners | ADV filed |
|---|---|---|---|
| 2024 | $153,514,870 | 4 | Mar 31, 2025 |
| 2025 | $1,277,333,755 | 23 | Mar 27, 2026 |
Filing source
Form ADV 2127751 · Aug 26, 2026 · Schedule D 7.B.(1), fund 805-9961023646
Reported by ARES MANAGEMENT LLC (CRD 130074).
Other-Than Anual Amendment For Registered Adviser.
Official IAPD profile (latest public filing). Historical values on this page come from the SEC/IAPD filing archive; the public profile may show a newer filing.
People & organizations
Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.
| Name | Reported role |
|---|---|
| Manager Ares Real Estate Management Holdings, Llc | Executive |
| General Partner Ares Us Real Estate Advisors Xi, L.P. | Executive |
| Michael Arougheti | Executive |
| William Benjamin | Executive |
| Jay Glaubach | Executive |
| Andrew E Holm | Executive |
| Keith Kooper | Executive |
| Jessica Mattoon | Executive |
| David Roth | Executive |
| Julie Solomon | Executive |
Issuer details
Industry: Pooled Investment Fund (See others in industry)
Address:Los Angeles, CA, 90067
Phone: 310-201-4100