The facility for a GP stakes fund provides incremental capital to support the borrower's acquisition strategy.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
The deal expands Flexstone's private markets platform with the addition of Glouston's North American middle market secondaries strategy.
The transaction adds nine private equity and credit secondaries strategies to EQT's offering, while its combined evergreen platform now exceeds €10 billion in NAV.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The partnership will allow LIM to broaden its product range and bring mutual funds and ETFs to market for advisers and their clients.
The 2025 SecLink Awards winner has returned $4.6 billion of capital to investors through five strip sales over the past two years.
The firms have reportedly held discussions over a potential tie-up, which would boost Ares' secondaries AUM closer to the $50 billion mark.
