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Ares
Platform series

Ares Credit Strategies Insurance Dedicated Fund

A series of SALI Multi-Series Fund, L.P., an insurance-dedicated platform, managed by Ares Management LLC, following a private credit strategy. This file sets out what the fund and its adviser have filed with the SEC.

AdviserAres Management LLC
StrategyPrivate credit
StructureDelaware limited partnership
Gross assetsUSD 944.0 million
AuditorErnst & Young LLP
Adviser's record1 matter reported
Ask about this fundManager filePrivate credit in PPLI
PPLI.com
Fund Rating
Five stars
out of five
Editorial assessment on UHNW criteria
Reviewed 4 November 2026 · Q4 2026 edition
Updated every quarter
Rating signed byNoam CohenEditor, Fund Intelligence
About the rating
In brief

Ares Credit Strategies Insurance Dedicated Fund at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports about 16 beneficial owners, 2% of them outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of SALI Multi-Series Fund, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Ares Management LLC manages the investments.

The filing reports an annual audit by Ernst & Young LLP and that 100% of the assets were valued last year by a person not related to the adviser.

Ares Management LLC reports 1 regulatory action in Item 11 of its Form ADV in 2020, all concerning the adviser itself, with reported sanctions of about USD 1.0 million. The full record is set out below.

The rating

Why Ares Credit Strategies Insurance Dedicated Fund has five stars

EY audits it every year and the accounts go to investors, SS&C administers it from outside the group, and nearly all of the assets were valued last year by a firm outside the group. Ares is a large, long-established manager: USD 459 billion of regulatory assets, registered with the SEC since 2005. At USD 944 million of gross assets it has real scale for this market.

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

PPLI.comFund Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameAres Credit Strategies Insurance Dedicated Fund Series Interest of the SALI Multi-Series Fund, L.P.
OrganisedDelaware limited partnership
SEC CIK0002056606  EDGAR
Private fund ID805-8409152288  ADV
Investment managerAres Management LLC  IAPD
PlatformSALI Multi-Series Fund, L.P.  IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)
First sale5 July 2017
Minimum investmentUSD 250,000
Amount soldUSD 944.2 million to date
Investors in the offering19
Sales commissionsUSD 535,394
Latest filingForm D/A, 1 September 2026  Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 943,971,212 (ADV filed 25 August 2026)
Beneficial ownersAbout 16
Owned by non-US persons2%

Service providers

AuditorErnst & Young LLP
CustodianState Street Bank and Trust Company
AdministratorSS&C Technologies, Inc.
Prime brokerNone reported
Valued by a person not related to the adviser100% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

Interest from loans and bonds is ordinary income for a US taxpayer, taxed at up to 37% plus the 3.8% net investment income tax, every year. Held through a policy that meets the tax rules, the same income compounds without a yearly tax bill. How the numbers work

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that all of the fund's assets were valued last year by a person not related to it, the strongest answer the form allows. Still ask who values the positions and how often.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Ares Management LLC

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202026 May 2020

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The SEC alleged that, in 2016, registrant's written policies and procedures regarding the prevention of misuse of potentially material nonpublic information were not sufficiently implemented and enforced in certain circumstances when registrant had an employee serving on the Board of directors of a public Company in which one of registrant's Funds was invested. Pursuant to an offer of settlement, the SEC found, and the registrant neither admitted nor denied, that the registrant violated Sections 204a and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder.

US Securities and Exchange Commission · Settled 26 May 2020 · USD 1.0 million · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters Ares Management LLC reports in Item 11 of its Form ADV, filed 26 August 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

Reader rating

How would you rate Ares Credit Strategies Insurance Dedicated Fund?

Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.

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Your name and email are used only if the research desk needs to reply, and are never published. Comments go to the desk, which checks any factual point against the filings.

Sources

  1. Form D/A of Ares Credit Strategies Insurance Dedicated Fund, filed 1 September 2026: sec.gov EDGAR, CIK 0002056606
  2. All Form D filings of the fund: sec.gov EDGAR filing index
  3. Form ADV of SALI Fund Management, LLC (SALI Fund Services), filed 25 August 2026, Schedule D Section 7.B.(1): adviserinfo.sec.gov
  4. Form ADV of Ares Management LLC, Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 130074; adviser summary: adviserinfo.sec.gov/firm/summary/130074

About this file

Prepared by PPLI.com Fund Intelligence from the public filings listed, checked on 4 November 2026. The rating makes no judgment of the fund's returns. Facts and ratings are updated every quarter, or sooner when a new filing appears.

For the manager

If a fact here is wrong or out of date, write to [email protected] with the filing that shows it. We correct what we can verify and record the date of the change.

Important. Educational research only. Nothing here is an offer, a solicitation or a recommendation to invest in any fund or to buy any policy. Interests in insurance-dedicated funds are available to the public only through insurance policies. Tax results depend on a policy meeting the tax rules and on each family's circumstances; take advice in the countries concerned.

File Ares Credit Strategies Insurance Dedicated FundChecked 4 November 2026Published 4 November 2026
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