Exhibit 99.1

ARES MANAGEMENT, L.P. REPORTS FOURTH QUARTER AND FULL YEAR 2014 RESULTS

LOS ANGELES -- Ares Management, L.P.  (“the Company,” “Ares,” “we,” and “our”) (NYSE:ARES) today reported its financial results for its fourth quarter and year ended December 31, 2014.  As Ares was not a public company prior to its initial public offering (“IPO”), which closed on May 7, 2014, and the related reorganization, the financial results for the three months ended December 31, 2013 and for the years ended December 31, 2013 and 2014 reported herein include the results of our predecessor owners.

“In 2014, we continued our strong rate of growth in both assets under management and management fees as we continued to expand our investor base across our existing and new investment strategies,” said Tony Ressler, Chief Executive Officer of Ares.  “We believe our 2015 outlook is bright as we see material fundraising opportunities in each of our investment groups and as we focus on operating margin efficiencies through the deployment of our capital with our existing investment teams.”

Ares reported growth in assets under management and fee earning assets under management of 10.5% and 3.7%, year over year, reaching $81.8 billion and $61.4 billion, respectively. Including the acquisition of EIF,2 AUM increased 15.8% to $85.7 billion and fee earning AUM increased 10.5% to $65.4 billion.

“Throughout 2014, we continued to leverage our platform strengths and flexible capital to invest broadly across asset classes and markets to find attractive value,” said Michael Arougheti, President of Ares.  “With over $18 billion of available capital and the addition of new complementary investment strategies, we believe we are well positioned to take advantage of pockets of volatility and secular changes in the banking industry in certain markets to find compelling investment opportunities in our growing footprint.”

Economic net income for the three months ended December 31, 2014 was $64.7 million compared to $100.0 million for the three months ended December 31, 2013. The decline was primarily attributable to lower performance related earnings within the Tradable Credit Group, as fourth quarter fund performance was impacted by a decrease in fair values for certain funds in December 2014, which drove unrealized investment losses and reversals of unrealized performance fees, and within the Private Equity Group primarily as a result of losses recognized from publicly traded equity investments from the Company’s investments in ACOF Asia in the fourth quarter of 2014.  Performance related earnings for the three months ended December 31, 2014 decreased by $40.3 million compared to the three months ended December 31, 2013. Fourth quarter economic net income, net of income taxes, was $56.7 million, or $0.27 per unit. Economic net income for the year ended December 31, 2014 was $289.2 million, 12.0% lower compared to $328.7 million for the year ended December 31, 2013.

1       In this press release we refer to certain non-GAAP financial measures, including assets under management, fee earning assets under management, economic net income, fee related earnings, performance related earnings and distributable earnings.  The definitions and reconciliations of these measures to the most directly comparable GAAP measures, as well as an explanation of why we use these measures, are included in this press release.

2       Ares closed the acquisition of Energy Investors Fund on January 1, 2015.

3       Total units outstanding represents the sum of common units and Ares Operating Group Units, which are exchangeable for common units. See Exhibit F for more details.

4       GAAP net income is presented before giving effect to income (loss) attributable to non-controlling and redeemable interests in Consolidated Funds and non-controlling and redeemable interests in Ares Operating Group Units.

Distributable earnings were $64.5 million for the three months ended December 31, 2014 compared to $88.5 million for the three months ended December 31, 2013, primarily driven by a decline in net realized performance fees and investment income within the Tradable Credit Group and Private Equity Groups. Distributable earnings were $232.8 million for the year ended December 31, 2014 compared to $305.7 million for the year ended December 31, 2013.

For the fourth quarter, distributable earnings after income taxes allocated to common unitholders were $21.2 million, or $0.26 per common unit, which was consistent with the third quarter of 2014. Ares declared a fourth quarter distribution of $0.24 per common unit payable on March 24, 2015 to common unitholders of record as of March 16, 2015.

Ares has also provided additional information in its Fourth Quarter 2014 Earnings Presentation, which can be viewed at www.aresmgmt.com under “Investor Resources – Presentations and Reports.”

ARES MANAGEMENT, L.P.

Key Performance Metrics as of December 31, 2014

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Management Fee Revenue. Management fee revenue increased 14.9% to $161.1 million for the three months ended December 31, 2014 compared to the three months ended December 31, 2013. For the year ended December 31, 2014, management fee revenue increased 15.8% to $598.0 million compared to the year ended December 31, 2013. Excluding the recognition of $15.0 million in previously deferred management fees during the year ended December 31, 2013, management fees increased 19.2% for the year ended December 31, 2014.  For both periods, the comparative growth in management fees was primarily attributable to additional capital raises by ARCC, new funds launched in the Tradable Credit Group and Direct Lending Group, and the expansion of the Real Estate Group.

Compensation and Benefits. Compensation and benefits increased by $12.8 million to $100.6 million for the three months ended December 31, 2014 compared to the three months ended December 31, 2013. The increase was primarily attributable to merit-based increases and increased headcount. For the year ended December 31, 2014, compensation and benefits increased by $68.1 million to $373.1 million compared to the year ended December 31, 2013. The increase was attributable to a full year impact of professionals from the AREA acquisition, the externalization of management activities of one of our European funds in the Direct Lending Group, which costs were previously borne by the fund, and merit-based increases and increased headcount, including additional professionals from the Keltic acquisition.

General and Administrative Expenses. General and administrative expenses increased by $2.8 million to $28.9 million for the three months ended December 31, 2014 compared to the three months ended December 31, 2013. For the year ended December 31, 2014, general and administrative expenses increased by $23.2 million to $106.1 million compared to the year ended December 31, 2013. Both increases were attributable to higher overhead costs related to an increase in headcount during the year ended December 31, 2014, and a full period’s impact from the AREA and Keltic acquisitions.

Fee Related Earnings. FRE increased by $5.1 million, or 14.4%, to $40.0 million for the three months ended December 31, 2014 compared to the three months ended December 31, 2013. The growth in FRE was partially attributable to an increase in FRE in the Real Estate Group of $10.3 million and was partially offset by higher compensation and benefits expenses. For the year ended December 31, 2014, FRE decreased $5.4 million, or 3.5%, to $147.3 million compared to the year ended December 31, 2013. The decline in FRE was attributable to an increase in compensation and benefits and general and administrative expenses as a result of costs incurred to support the increase in headcount. This was partially offset by an increase in management fees from the Real Estate Group from the AREA acquisition in the third quarter of 2013. Excluding the recognition of $15.0 million in previously deferred management fees during the year ended December 31, 2013, FRE increased 7.0% for the year ended December 31, 2014.

Performance Related Earnings. PRE was $24.7 million for the three months ended December 31, 2014 compared to $65.0 million for the three months ended December 31, 2013. For the year ended December 31, 2014, PRE was $141.9 million compared to $176.0 million for the year ended December 31, 2013. For both periods, the decrease in PRE was primarily attributable to decreases in net performance fees and net investment income, due to the impact of a decline in market values for certain credit funds in the Tradable Credit Group. For the three months ended December 31, 2014, the decrease was also attributable to a decrease in net investment income in the Private Equity Group primarily as a result of unrealized losses recognized from the Company’s investments in ACOF Asia in the fourth quarter of 2014. For the year ended December 31, 2014, the decrease was offset by an increase in net investment income recognized from the Private Equity Group and net performance fees recognized from the Real Estate Group.

 Economic Net Income. ENI was $64.7 million for the three months ended December 31, 2014 compared to $100.0 million for the three months ended December 31, 2013. The decrease in ENI for the three months ended December 31, 2014 was driven by declines in net performance fees of $10.4 million and net investment income of $29.9 million primarily within the Tradable Credit Group and Private Equity Group. The decline was offset by an increase in FRE of $5.1 million. ENI after provision for taxes was $56.7 million, or $0.27 per unit, for the fourth quarter of 2014. The blended effective tax rate on total ENI was 37.62% for the three months ended December 31, 2014. For the year ended December 31, 2014, ENI was $289.2 million compared to $328.7 million for the year ended December 31, 2013. The decrease in ENI for the year ended December 31, 2014 was driven by declines in FRE of $5.4 million, net performance fees of $30.5 million and net investment income of $3.6 million.

Distributable Earnings. Total distributable earnings decreased by $23.9 million to $64.5 million for the three months ended December 31, 2014 compared to the three months ended December 31, 2013. For the year ended December 31, 2014, total distributable earnings decreased by $73.0 million to $232.8 million compared to the year ended December 31, 2013. Both decreases were primarily driven by declines in net realized performance fees and investment income within the Tradable Credit and Private Equity Groups.

Accrued Incentives Fees. Net accrued incentive fees as of December 31, 2014 decreased by $18.8 million to $166.9 million compared to $185.8 million as of December 31, 2013. The decrease in net accrued incentive fees was primarily attributable to the Tradable Credit Group, which had higher realizations of previously accrued incentive fees and a reversal of unrealized incentive fees for certain Tradable Credit funds due to a decline in market values of the fund’s investments in 2014. This decrease was offset by an increase in accrued incentive fees from ACOF III as a result of market appreciation of its investment portfolio.

Assets Under Management

(1)          Represents AUM acquired via acquisition. Negative amounts are related to the termination of previously acquired asset management agreements.

(2)          Represents net new commitments during the period, including equity and debt commitments, reductions of previous commitments, and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as equity offerings by our publicly traded vehicles.

(3)          Primarily represents permanent reductions in leverage, which may be offset by drawdowns from existing debt facilities.

(4)          Represents distributions and redemptions net of recallable amounts.

(5)          Includes fund net income, including interest income, realized and unrealized gains (losses), fees and expenses and the impact of foreign currency.

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Total AUM was $81.8 billion as of December 31, 2014, an increase of $2.1 billion, or 2.7%, compared to total AUM of $79.6 billion as of September 30, 2014.  The increase in AUM was primarily due to $2.9 billion in net new commitments raised, which primarily consisted of (i) $511.2 million in debt commitments to the Tradable Credit Group’s leveraged loan funds, (ii) $352.4 million in equity commitments to other Tradable Credit Group long-only credit funds (iii) $652.3 million in commitments to the Direct Lending Group’s funds ($379.5 million of equity commitments and $272.8 million of debt commitments) and (iv) $1.4 billion in equity commitments to the Real Estate Group’s funds.  The increase in AUM was partially offset by total distributions of $809.8 million, of which $272.1 million was attributable to the Tradable Credit Group, $367.8 million was attributable to the Direct Lending Group, $17.7 million was attributable to the Private Equity Group and $152.1 million was attributable to the Real Estate Group. Change in Fund Value for the three months ended December 31, 2014 decreased $16.0 million, of which $442.6 million was attributable to the Tradable Credit Group, including $264.1 million to the Tradable Credit Group’s European long-only loan funds due to foreign currency fluctuations. The decline was partially offset by an increase in fund value of (i) $203.1 million primarily attributable to the underlying investments held by ACOF II and ACOF III within the Private Equity Group, and (ii) $172.2 million attributable to the Real Estate Group.

For the year ended December 31, 2014, AUM increased $7.8 billion to $81.8 billion, an increase of 10.5% compared to total AUM of $74.0 billion as of December 31, 2013.  The increase in AUM was primarily due to $15.8 billion of new commitments, which primarily consisted of (i) $7.8 billion to the Tradable Credit Group’s leveraged loan funds ($1.2 billion in equity commitments and $6.6 billion in debt commitments), (ii) $1.2 billion in equity commitments to the Tradable Credit Group’s high yield funds, (iii) $1.0 billion in equity commitments to the Tradable Credit Group’s alternative credit funds, (iv) $1.9 billion to the Direct Lending Group’s funds ($1.3 billion in equity commitments and $656.6 million in debt commitments) and (v) $3.7 billion to the Real Estate  Group’s funds ($2.5 billion in equity commitments and $1.2 billion in debt commitments). The increase in AUM was partially offset by capital reductions of $4.0 billion, of which $3.1 billion was attributable to the Tradable Credit Group. Distributions for the year ended December 31, 2014 totaled $4.8 billion, of which $1.8 billion was attributable to the Tradable Credit Group, $584.0 million was attributable to the Private Equity Group, $1.1 billion was attributable to the Direct Lending Group and $1.4 billion was attributable to the Real Estate Group. Change in Fund Value for the year ended December 31, 2014 increased $1.0 billion, of which $560.9 million was attributable to the Real Estate Group, $866.0 million to the Private Equity Group and $362.2 million to the Direct Lending Group, partially offset by a decrease of $780.1 million in the Tradable Credit Group.

Fee-Earning Assets Under Management

Total Fee Earning Assets Under Management (“FEAUM”) was $61.4 billion as of December 31, 2014, an increase of $1.4 billion, or 2.4%, compared to total FEAUM of $59.9 billion as of September 30, 2014.  The increase in FEAUM was primarily due to subscriptions / deployment / increase in leverage, which was mainly comprised of $386.2 million and $1.2 billion in the Tradable Credit Group and the Direct Lending Group, respectively.  Net new commitments of $1.4 billion, primarily comprised of $500.0 million in the Tradable Credit Group, $581.8 million in the Real Estate Group and $334.4 million in Direct Lending Group further added to the increase in FEAUM. Partially offsetting the increase in FEAUM were redemptions / distributions / decreases in leverage of $1.7 billion, primarily driven by decreases of $645.0 million and $702.4 million in the Tradable Credit Group and Direct Lending Group, respectively.

For the year ended December 31, 2014, FEAUM increased $2.2 billion, or 3.7%, to $61.4 billion compared to total FEAUM of $59.2 billion as of December 31, 2013.  The increase in FEAUM was primarily due to: (i) subscriptions / deployment / increase in leverage of $7.8 billion, which was mainly comprised of $3.4 billion in the Tradable Credit Group and $3.9 billion in the Direct Lending Group; and (ii) commitments of $5.6 billion, which was mainly comprised of $3.0 billion in the Tradable Credit Group, $2.0 billion in the Real Estate Group and $602.9 million in the Direct Lending Group. The increase in FEAUM was partially offset by redemptions / distributions / decrease in leverage of $11.2 billion, of which $7.0 billion was attributable to the Tradable Credit Group, $362.0 million was attributable to the Private Equity Group, $2.1 billion was attributable to the Direct Lending Group and $1.7 billion was attributable to the Real Estate Group.

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Incentive Generating AUM and Incentive Eligible AUM

($ in millions)

Total Incentive Generating AUM (“IGAUM”) was $22.5 billion as of December 31, 2014, an increase of $2.7 billion, or 13.5%, compared to total IGAUM of $19.9 billion as of December 31, 2013. The increase was primarily due to growth in the Direct Lending Group’s ARCC portfolio and the Private Equity Group’s ACOF IV fund which first contributed to Incentive Generating AUM during 2014.

Total Incentive Eligible AUM (“IEAUM”) was $37.4 billion as of December 31, 2014, an increase of $1.2 billion, or 3.4%, compared to IEAUM of $36.1 billion as of December 31, 2013.  The increase was primarily due to growth in the Direct Lending Group’s ARCC portfolio and new incentive eligible capital in the Real Estate Group. Funds not yet contributing incentive fees as of December 31, 2014 primarily included Ares European Real Estate Fund III, Ares European Real Estate Fund IV, Ares Commercial Real Estate Corporation, Ares Special Situations Fund IV and Ares European Loan Opportunities Fund.

Available Capital and Assets Under Management Not Yet Earning Fees

($ in millions)

Total available capital was $18.2 billion as of December 31, 2014, an increase of $2.9 billion, or 19.3%, compared to $15.3 billion as of December 31, 2013.  The increase was primarily due to new debt commitments to the Tradable Credit Group’s long only credit funds.

Total AUM Not Yet Earnings Fees was $9.2 billion, a decrease of $758.0 million, or 7.6%, compared to $10.0 billion as of December 31, 2013. The decline in AUM Not Yet Earning Fees was due to two factors: deployment of available capital and a portion of new capital raised became fee-earning.

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Results Excluding Consolidated Funds

Net income of the Company excluding the effect of the Consolidated Funds for the three months ended December 31, 2014 was $25.4 million.

Investment Capacity and Liquidity

As of December 31, 2014, our cash and cash equivalents were $148.9 million, investments at fair value were $594.3 million, and net performance fees receivable were $166.9 million.  As of December 31, 2014, the Company had a $1.03 billion revolving credit facility, which remained undrawn.

Distribution

On March 5, 2015, the board of directors of our general partner declared a quarterly distribution of $0.24 per common unit to common unitholders of record at the close of business on March 16, 2015, payable on March 24, 2015.

Recent Developments

·                  On January 1, 2015, we completed the acquisition of EIF, a leading asset manager in the energy infrastructure industry with approximately $4 billion of fee earning assets under management across four comingled funds and related co-investment vehicles.  The acquisition expands our Private Equity Group’s capabilities into power generation, midstream energy infrastructure and transmission, a complementary and strategically important asset class.  EIF’s team is comprised of approximately 40 professionals.

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Conference Call and Webcast Information

On Thursday, March 5, 2015, the Company invites all interested persons to attend its webcast/conference call at 12:00 p.m. (Eastern Time) to discuss its fourth quarter 2014 financial results.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at http://www.aresmgmt.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing (888)-317-6003. International callers can access the conference call by dialing +1 (412)-317-6061. All callers will need to enter the Participant Elite Entry Number 2385704 followed by the # sign and reference “Ares Management, L.P.” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through March 18, 2015 at 5:00 p.m. (Eastern Time) to domestic callers by dialing (877)-344-7529 and to international callers by dialing +1(412)-317-0088. For all replays, please reference conference number 10058708. An archived replay will also be available through March 18, 2015 on a webcast link located on the Home page of the Investor Resources section of our website.

About Ares Management, L.P.

Ares is a leading global alternative asset manager with approximately $86 billion of assets under management and more than 15 offices in the United States, Europe and Asia as of December 31, 2014, pro forma for the acquisition of EIF, which closed on January 1, 2015. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Management, L.P. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares.

Available Information

Ares Management, L.P.’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.aresmgmt.com.  The contents of such website are not and should not be deemed to be incorporated by reference herein.

Contact

Ares Management, L.P.

Carl Drake
(800) 340-6597

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Appendix

Exhibit A.  Operating Segments as of December 31, 2014

($ in millions)

Exhibit B.  Segment Results

($ in thousands)

As of and for the three months ended December 31, 2014:

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Exhibit B.  Segment Results (continued)

($ in thousands)

As of and for the three months ended December 31, 2013:

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Exhibit B.  Segment Results (continued)

($ in thousands)

As of and for the year ended December 31, 2014:

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Exhibit B.  Segment Results (continued)

($ in thousands)

As of and for the year ended December 31, 2013:

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Exhibit C.  Consolidated Statements of Financial Condition and Statements of Operations (GAAP Financials)

($ in thousands, except unit data)