# EDGAR Filing Document

**Accession Number:** 0001876006
**File Stem:** 0001104659-25-124190
**Filing Date:** 2025-12
**Character Count:** 157245
**Document Hash:** 08fb8da9d4a33b0d2ea2f042a02274e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124190.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124190

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Private Markets Fund
- **CENTRAL INDEX KEY:** 0001876006

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289063
- **FILM NUMBER:** 251600522

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** 212-750-7300

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ares Landmark Private Markets Fund
- **DATE OF NAME CHANGE:** 20210730

?xml version='1.0' encoding='ASCII'? Ares Private Markets Fund - 1876006 - 2025

**As filed with the Securities and Exchange Commission on December 23, 2025**

**Securities Act File No.** **333-289063**

**Investment Company Act File No. 811-23727**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒**

**Pre-Effective Amendment No.**

**Post-Effective Amendment No. 2 ☒**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒**

**Amendment No. 10 ☒**

**ARES PRIVATE MARKETS FUND**

(Exact name of Registrant as specified in Charter)

**c/o Ares Capital Management II LLC**

**245 Park Avenue**

**44<sup>th</sup> Floor**

**New York, NY 10167**

(Address of principal executive offices)

**(212) 750-7300**

(Registrant's telephone number)

**Katherine Hurley**

**c/o Ares Capital Management II LLC**

**245 Park Avenue**

**44<sup>th</sup> Floor**

**New York, NY 10167**

(Name and address of agent for service)

Copy to:

**Nicole M. Runyan, P.C.**

**Kim E. Kaufman**

**Kirkland & Ellis LLP**

**601 Lexington Avenue**

**New York, NY 10022**

**(212) 446-4800**

**Approximate Date of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

☐ when declared effective pursuant to section 8(c), or as follows:

☒ immediately upon filing pursuant to paragraph (b) of Rule 486.

☐ on (date) pursuant to paragraph (b) of Rule 486.

☐ 60 days after filing pursuant to paragraph (a) of Rule 486.

☐ on (date) pursuant to paragraph (a) of Rule 486.

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-289063.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 2 to the Registration Statement ("Post-Effective Amendment No. 2") on Form N-2 (File Nos. 333-289063 and 811-23727) of Ares Private Markets Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "1933 Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 2 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 2 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the 1933 Act, this Post-Effective Amendment No. 2 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

(1) Financial Statements:

Part A: [Financial Highlights<sup>(10)</sup>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1876006/000110465925072205/tm2521814d2_486bpos.htm)

Part B: [Statement of Assets and Liabilities, Schedule of Investments, Statement of Operations, Statements of Changes in Net Assets, Statement of Cash Flows, Financial Highlights, Notes to the Financial Statements, Report of the Independent Registered Public Accounting Firm<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925056793/tm2516981d1_ncsr.htm); [Statement of Assets and Liabilities, Schedule of Investments, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows, Financial Highlights, Notes to the Financial Statements<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925118846/tm2532411d1_ncsrs.htm)

(2) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465921105241/tm2125054d2_ex99-a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certificate of Amendment to Certificate of Trust<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465922037102/tm224118d2_ex99-a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Declaration of Trust<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465921105241/tm2125054d2_ex99-a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amended and Restated Declaration of Trust<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465924083595/tm249050d8_ex99-xax4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amended and Restated Bylaws<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465924083595/tm249050d8_ex99-xb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Second Amended and Restated Multiple Class Plan<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465924083595/tm249050d8_ex99-xd.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(e) [Dividend Reinvestment Plan<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465922037102/tm224118d2_ex99-e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) [Amended and Restated Investment Advisory and Management Agreement<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465923109668/tm2328159d1_ex99-g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Second Amended and Restated Distribution Agreement<sup>(1)</sup>](tm2534031d1_ex99-xhx1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of Selected Dealer Agreement<sup>(1)</sup>](tm2534031d1_ex99-xhx2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Second Amended and Restated Distribution and Servicing Plan<sup>(1)</sup>](tm2534031d1_ex99-xhx3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) (1) [Form of Custody Agreement<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465922037102/tm224118d2_ex99-j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to Custody Agreement<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465923076856/tm2319624d1_ex99-j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(k) (1) [Form of Services Agreement<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465922037102/tm224118d2_ex99-k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Expense Limitation Agreement<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xkx2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Purchase and Sale Agreement for Secondaries Acquisition Transaction<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465923109668/tm2328159d1_ex99-k3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and Consent of Counsel<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(m) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Independent Registered Public Accounting Firm<sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925072205/tm2521814d2_ex99-xn.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(o) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Initial Subscription Agreement<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465922037102/tm224118d2_ex99-p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Forms of Investor Subscription Agreement<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xpx2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(q) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(r) (1) [Code of Ethics of the Registrant<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xrx1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of Adviser and Distributor<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xrx2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(s) [Filing Fee Table<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_exfilingfees.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(t) [Power of Attorney<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1876006/000110465925071817/tm2521814d1_ex99-xt.htm)

<sup>(1)</sup> Filed herewith.

<sup>(2)</sup> Incorporated by reference to the Registrant's Annual Report for the fiscal year ended March 31, 2025 (File No. 811-23727) as filed with the SEC on Form N-CSR on June 5, 2025.

<sup>(3)</sup> Incorporated by reference to the Registrant's Semi-Annual Report for the period ended September 30, 2025 (File No. 811-23727) as filed with the SEC on Form N-CSR on December 5, 2025.

<sup>(4)</sup> Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File Nos. 811-23727 and 333-258821) (the "Initial Registration Statement"), filed on August 13, 2021.

<sup>(5)</sup> Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 3 to the Initial Registration Statement, filed on March 23, 2022.

<sup>(6)</sup> Incorporated by reference to the corresponding exhibit of Post-Effective Amendment No. 1 to the Initial Registration Statement, filed on June 30, 2023.

<sup>(7)</sup> Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File Nos. 811-23727 and 333-275060) (the "October 2023 Registration Statement"), filed on October 17, 2023.

<sup>(8)</sup> Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File Nos. 811-23727 and 333-281088) (the "July 2024 Registration Statement"), filed on July 29, 2024.

<sup>(9)</sup> Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File Nos. 811-23727 and 333-289063) (the "July 2025 Registration Statement"), filed on July 29, 2025.

<sup>(10)</sup> Incorporated by reference to the corresponding exhibit of Post-Effective Amendment No. 1 to the July 2025 Registration Statement, filed on July 30, 2025.

**Item 26. Marketing Arrangements**

See the Second Amended and Restated Distribution Agreement and Form of Selected Dealer Agreement, which are filed as Exhibit (h)(1) and (h)(2) respectively, hereto.

**Item 27. Other Expenses of Issuance and Distribution**

Not applicable.

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

Each of Ares Landmark Private Markets Fund-D, LLC, Ares Landmark Private Markets Fund-D Blocker, LLC, Ares Private Markets Fund Blocker, LLC, Ares Private Markets Fund-ND LLC and Ares Private Markets Fund-EU LLC, each a Delaware limited liability company, is a wholly-owned subsidiary of the Registrant and is consolidated for financial reporting purposes. In addition, the Registrant, Ares Landmark Private Markets Fund-D, LLC, Ares Landmark Private Markets Fund-D Blocker, LLC, Ares Private Markets Fund Blocker, LLC, Ares Private Markets Fund-ND LLC and Ares Private Markets Fund-EU LLC may be deemed to be controlled by Ares Capital Management II LLC ("ACM II"), the investment adviser of the Registrant. Information regarding the ownership of ACM II is set forth in its Form ADV as filed with the SEC (File No. 801-72399), and is incorporated herein by reference.

**Item 29. Number of Holders of Securities**

The following table sets forth the number of record holders of shares of beneficial ownership of the Registrant as of November 30, 2025:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of<br> Record Holders** | **Number of<br> Record Holders** |
| Shares of Beneficial Ownership for Class A |  | 10097 |
| Shares of Beneficial Ownership for Class D |  | 280 |
| Shares of Beneficial Ownership for Class I |  | 3992 |

---

**Item 30. Indemnification**

Reference is made to Article V of Registrant's Amended and Restated Declaration of Trust (the "Declaration of Trust") filed as Exhibit (a)(4) to the July 2024 Registration Statement.

Reference is also made to:

● Section 8 of the Registrant's Amended and Restated Investment Advisory and Management Agreement, which is filed as Exhibit (g) to the October 2023 Registration Statement; and

● Section 8 of the Registrant's Second Amended and Restated Distribution Agreement, which is filed as Exhibit (h)(1) hereto.

The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to the trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions or otherwise, Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by the trustees, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by the trustees, officer or controlling person, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

ACM II serves as the investment adviser to the Registrant. ACM II is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which ACM II and each of its executive officers and directors is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee, reference is made to the information set forth in ACM's Form ADV (File No. 801-72399), as filed with the SEC and incorporated herein by reference.

**Item 32. Location of Accounts and Records**

The Declaration of Trust, Bylaws and minute books of the Registrant and certain investment adviser records are in the physical possession of ACM II at 245 Park Avenue, 44th Floor, New York, NY 10167. All other accounts, books and other documents required to be maintained under Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are in the physical possession of the Fund's custodian at 928 Grand Blvd., 10<sup>th</sup> Floor, Kansas City, MO 64106 and the Fund's administrator, ALPS Fund Services, Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, except for certain transfer agency records which are maintained by DST Asset Manager Solutions, Inc., 333 West 11th Street, 5th Floor, Kansas City, MO 64105.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

1. Not applicable.

2. Not applicable.

3. The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of
the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement
(or the most recent post- effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities
at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, howeve* r, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the
Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by
or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Not applicable.

5. Not applicable.

6. Not applicable.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, the Registrant represents that this Amendment to the Registration Statement meets all the requirements for effectiveness pursuant to Rule 486(b) under the Securities Act and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 23rd day of December, 2025.

---

| | |
|:---|:---|
| **ARES PRIVATE MARKETS FUND** | **ARES PRIVATE MARKETS FUND** |
| By: | /s/ Barry Miller |
| Name: | Barry Miller |
| Title: | President, Chief Executive Officer and Trustee |

---

Pursuant to the requirements of the Securities Act, this Amendment to the Registration Statement has been signed by the following persons in the capacities indicated on the 23rd day of December, 2025.

---

| | |
|:---|:---|
| /s/ Barry Miller | President, Chief Executive Officer and Trustee |
| Barry Miller |  |
| /s/ Christina Oh | Principal Financial Officer and Assistant Treasurer |
| Christina Oh |  |
| /s/ Rajat Dhanda\* | Trustee |
| Rajat Dhanda |  |
| /s/ Patrick Dooley\* | Trustee |
| Patrick Dooley |  |
| /s/ Edward Lewis\* | Trustee |
| Edward Lewis |  |
| /s/ David Sachs\* | Trustee |
| David Sachs |  |
| /s/ Paola Sapienza\* | Trustee |
| Paola Sapienza |  |
| /s/ Lawrence Schloss\* | Trustee |
| Lawrence Schloss |  |
| /s/ Nathan Walton\* | Trustee |
| Nathan Walton |  |
| /s/ Kent Weldon\* | Trustee |
| Kent Weldon |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Barry Miller |
|  | Barry Miller |
|  | as Attorney-in-Fact |

---

**EXHIBIT LIST**

---

| | |
|:---|:---|
| [(h)(1)](tm2534031d1_ex99-xhx1.htm) | [Second Amended and Restated Distribution Agreement](tm2534031d1_ex99-xhx1.htm) |
| [(h)(2)](tm2534031d1_ex99-xhx2.htm) | [Form of Selected Dealer Agreement](tm2534031d1_ex99-xhx2.htm) |
| [(h)(3)](tm2534031d1_ex99-xhx3.htm) | [Second Amended and Restated Distribution and Servicing Plan](tm2534031d1_ex99-xhx3.htm) |

---

## Ex-99.(H)(1)

**Exhibit 99.(h)(1)**

***EXECUTION VERSION***

**DISTRIBUTION AGREEMENT**

This Second Amended and Restated Distribution Agreement (the "<u>Agreement</u>") is made as of December 22, 2025 and effective as of January 2, 2026 (the "<u>Effective Date</u>"), between Ares Private Markets Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Ares Wealth Management Solutions, LLC, a Colorado limited liability company ("<u>AWMS</u>"), and Ares Management Capital Markets LLC, a Delaware limited liability company ("<u>AMCM</u>" or the "<u>Distributor</u>").

WHEREAS, the Fund is a closed end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") that continuously offers its shares of beneficial interest (the "<u>Shares</u>");

WHEREAS, the Fund relies on an exemptive order issued by the Securities and Exchange Commission (the "<u>SEC</u>") that permits the Fund to offer multiple classes of its Shares (the "<u>Order</u>"), including its Class A Shares, Class D Shares and Class I Shares;

WHEREAS, in order to comply with the conditions of the Order, the Fund's Board of Trustees (the "<u>Board</u>"), has approved a Distribution and Servicing Plan voluntarily adopted pursuant to Rule 12b-1 under the 1940 Act (the "<u>Plan</u>") with respect to certain classes of Shares of the Fund;

WHEREAS, on February 24, 2022, the Fund and AWMS entered into a Distribution Agreement (the "<u>Initial Agreement</u>"), pursuant to which the Fund retained AWMS as principal underwriter for the sale and distribution of each class of Shares of the Fund;

WHEREAS, on November 28, 2025, the Fund and AWMS entered into an Amended and Restated Distribution Agreement (the "<u>Prior Agreement</u>"), pursuant to which the Fund retained AWMS as principal underwriter for the sale and distribution of each class of Shares of the Fund;

WHEREAS, AWMS currently serves as the distributor in connection with the continuous offering of the Shares;

WHEREAS, effective as of the Effective Date, AWMS will be consolidated with and into AMCM (the "<u>Consolidation</u>"), and AMCM shall thereafter serve as the principal underwriter in connection with the continuous offering of the Shares;

WHEREAS, in connection with the Consolidation, the parties wish to amend and restate the Prior Agreement in its entirety, as more particularly set forth in this Agreement, to reflect that, commencing as of the Effective Date, AMCM will serve as the principal underwriter in connection with the continuous offering of the Shares;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), and a member of the Financial Industry Regulatory Authority ("<u>FINRA</u>");

WHEREAS, the Distributor is permitted to engage in the business of selling shares of registered investment companies either directly to purchasers or through financial intermediaries, including, without limitation, brokers, dealers, financial consultants and registered investment advisers (collectively, "<u>Financial Intermediaries</u>"); and

WHEREAS, the Fund, AWMS and AMCM desire to amend and restate the Prior Agreement in its entirety.

NOW, THEREFORE, subject to the consummation of the Consolidation, the parties agree that the Prior Agreement is hereby amended and restated in its entirety to read as follows (and that the Prior Agreement shall be of no further force and effect whatsoever after the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of the Distributor; Offering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, the Fund hereby appoints the Distributor as its principal underwriter in connection with the continuous offering of the Shares, and the Distributor hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use its reasonable best efforts to sell, as agent for the Fund, from time to time during the term of this Agreement, Shares to investors upon the terms described in the Prospectus, and use its reasonable best efforts to assist the Fund in obtaining performance by each prospective investor who submits a Subscription Agreement for the subscription for, and purchase of, Shares (the "<u>Subscription Agreement</u>"), if required. As used herein, the term "Prospectus" shall mean the prospectus included as part of the Fund's Registration Statement, as such prospectus may be amended or supplemented from time to time and currently in effect, and the term "Registration Statement" shall mean the Registration Statement most recently filed from time to time by the Fund with the SEC and effective under the Securities Act of 1933 Act, as amended (the "<u>1933 Act</u>"), and the 1940 Act, as such Registration Statement is amended by any amendments thereto at the time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise agreed by the parties hereto, Ares Capital Management II LLC, the Fund's investment adviser (the "<u>Adviser</u>") or the Fund's administrator and transfer agent (the "<u>TA/Administrator</u>"), shall be responsible for reviewing each Subscription Agreement, if required, to confirm that it has been completed in accordance with the instructions thereto; provided, however, that the Adviser, the TA/Administrator, the Distributor and the Fund may rely on the information provided by Financial Intermediaries concerning their customers. The Fund, the Adviser and/or the TA/Administrator, in its or their sole discretion, may return to the Distributor any Subscription Agreement, if required, that is not completed to its or their satisfaction, and the Fund shall be under no obligation to accept any Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor acknowledges that Shares are to be offered and sold to investors only on the terms, including with respect to pricing of Shares, subscription dates, handling of investor funds, payment of sales commissions and servicing and other fees and investor eligibility standards, if any, set forth in the Prospectus. The Distributor may re-allow a portion of any applicable front-end sales charge to dealers or cause payment (which may exceed the front-end sales charge, if any) of commissions to brokers through which sales are made, as it may determine, and it may pay such amounts to dealers and brokers on sales of Shares from its own resources (such dealers and brokers shall collectively include all domestic or foreign institutions eligible to offer and sell the Shares) and in the event the Fund has more than one class of Shares outstanding, then it may impose a front-end sales charge and/or a contingent deferred sales charge ("<u>CDSC</u>") on Shares of one class that is different from the charges imposed on Shares of the Fund's other class(es), in each case, as set forth in the Prospectus, provided that such imposition is consistent with the terms of the Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may suspend or terminate the offering of its Shares at any time, including as to specific classes of Shares, as to specific jurisdictions or otherwise. Upon notice to the Distributor of the terms of such suspension or termination, the Distributor shall suspend the solicitation of subscriptions for Shares in accordance with such terms until the Fund notifies the Distributor that such solicitation may be resumed. The Distributor, in consultation with the Adviser, may suspend sales of the Shares of any one or more classes at any time, may grandfather continuing sales to any group or category of existing shareholders, and may resume sales at any later time, subject in each case to a requirement that the Distributor promptly notify the Board of the decision and subject to the authority of the Board to override such decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is acknowledged and agreed that the Distributor is not obligated to sell any specific number of Shares or to purchase any Shares for its own account. All sales by the Distributor shall be expressly subject to acceptance by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund, or any agent of the Fund designated in writing by the Fund, shall be advised of indications of interest and purchase orders for Shares received by the Distributor. Any order may be rejected by the Fund. The Distributor (directly or through the Financial Intermediaries) will confirm orders upon the completion of the offering, issuance of the Shares and payment therefor. The Distributor agrees to cause such payment and such instructions to be delivered promptly to the Fund (or its agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor and the Fund have established the following investor eligibility procedures in connection with the offer and sale of Shares and agree that neither party will make offers or sales of any Shares except in compliance with such procedures: (i) offers and sales of Shares will be made only to investors that are reasonably believed to qualify as "qualified clients" as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended; (ii) no sale of Shares to any one investor will be for less than the minimum denominations as may be specified in the Prospectus or as the Fund shall advise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares of any class of the Fund offered for sale by the Distributor shall be offered for sale at a price per share (the "<u>offering price</u>") approximately equal to (a) their net asset value (determined in the manner set forth in the Prospectus) plus (b) a sales charge, if any and except to those persons set forth in the Prospectus, which shall be the percentage of the offering price of such Shares as set forth in the Prospectus. The offering price, if not an exact multiple of one cent, shall be adjusted to the nearest cent. In addition, Shares of any class of the Fund offered for sale by the Distributor may be subject to a CDSC as set forth in the Prospectus or a separate placement fee to be determined as between a Financial Intermediary and its customer and not charged by either the Fund or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Agency</u>. In connection with the continuous sale of Shares, and any tender offer for the Shares and repurchase thereof by the Fund, in each case upon the terms set forth in the Prospectus, the Distributor shall act solely as an agent of the Fund and not as principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties of the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall take, from time to time, but subject always to any necessary approval of the Board or of the Fund's shareholders, all necessary action to fix the number of authorized Shares and such steps as may be necessary to register the same under the 1933 Act, to the end that there will be available for sale such number of Shares as the Distributor reasonably may be expected to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund will furnish to the Distributor copies of its most recent Registration Statement, or amendment thereto, as applicable, its most recent Prospectus and all amendments and supplements thereto, and the Subscription Agreement, if any, and other documentation the Distributor may reasonably request for use in connection with the continuous offering of Shares. The Distributor is authorized to furnish to prospective investors only such information concerning the Fund and the offering as may be contained in the Registration Statement, the Prospectus, the Fund's formation documents, or any other documents (including sales material) approved in writing by the Fund expressly for use with prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall furnish to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably request for use in connection with its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial statements prepared for the Fund by independent public accountants. The Fund also will furnish, in reasonable quantities upon request by the Distributor, copies of its annual and interim reports. In addition, the Fund will furnish the Distributor with such other documents as it may reasonably require, from time to time, for the purpose of enabling it to perform its duties as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall use its best efforts to qualify and maintain the qualification of an appropriate number of its Shares for sale under the securities laws of such jurisdictions as the Distributor and the Fund may approve; provided that the Fund shall not be required to amend its formation documents to comply with the laws of any state, to maintain an office in any state, to change the terms of the offering of the Shares in any state from the terms set forth in its Registration Statement and Prospectus, to qualify as a foreign corporation in any state or to consent to service of process in any state other than with respect to claims arising out of the offering of the Shares. Any such qualification may be withheld, terminated or withdrawn by the Fund at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by the Fund. The Distributor shall furnish such information and other material relating to its affairs and activities as may be required by the Fund in connection with such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund agrees to supply to the Distributor, promptly after the time or times at which the Fund's NAV is determined, a statement of the NAV of each class of Shares, determined in the manner set forth in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund authorizes the Distributor, in connection with the sale or arranging for the sale of Shares, to provide only such information and to make only such statements or representations as are contained in the Fund's Prospectus or in such financial and other statements furnished to the Distributor hereunder or as may properly be included in sales literature or advertisements in accordance with the applicable provisions of the 1933 Act, the 1940 Act and applicable rules of self-regulatory organizations. The Fund shall not be responsible in any way for any information provided or statements or representations made by the Distributor or its representatives or agents other than the information, statements and representations described in the preceding sentence. All sales literature and advertisements used by the Distributor in connection with sales of Shares shall be subject to approval by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duties of the Distributor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall devote reasonable time and effort to its duties hereunder. The services of the Distributor to the Fund hereunder are not to be deemed exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other investment companies so long as the performance of its obligations with respect to the Fund hereunder is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing its duties hereunder, the Distributor shall use its best efforts in all respects to duly conform with the requirements of all applicable laws relating to the sale of securities. Neither the Distributor nor any Financial Intermediary having an agreement to offer and sell Shares pursuant to Section 5 hereof nor any other person is authorized by the Fund to give any information or to make any representations, other than those contained in its Registration Statement, Prospectus and Statement of Additional Information, if any, and any advertising materials and sales literature specifically approved by the Fund for use with prospective investors (the "<u>Authorized Sales Materials</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor agrees to review all proposed advertising materials and sales literature of the Fund for compliance with applicable laws and regulations, and shall file with appropriate regulators those advertising materials and sales literature it believes are in compliance with such laws and regulations. The Distributor agrees to retain any comments provided by regulators with respect to such materials and further agrees to provide the Fund with any such comments that would be considered to be material to the Fund in order to comply with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor shall adopt and follow procedures, as approved by the officers of the Fund, for the confirmation of sales to investors and Financial Intermediaries, the collection of amounts payable by investors and Financial Intermediaries on such sales, and the cancellation of unsettled transactions, as may be necessary to comply with the requirements of FINRA applicable to sales of Shares, as such requirements may from time to time exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor agrees to appoint Financial Intermediaries to provide distribution services with respect to the Shares ("<u>Distribution Services</u>") and personal investor services and account maintenance services ("<u>Investor Services</u>") to shareholders of the Fund that are customers of such Financial Intermediaries and to assist the Financial Intermediaries in the provision of such services and for the Distributor to provide such services to shareholders that are its customers. The Distribution Services and Investor Services shall not be inconsistent with the services stated in the Plan or any Rule 18f-3 Plan adopted by the Fund pursuant to the Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor represents and warrants to the Fund that it has all necessary licenses to perform the services contemplated hereunder and will perform such services in compliance with all applicable rules and regulations and it shall obtain adequate assurances from the Financial Intermediaries with respect to their licensing and performance of services contemplated by this Agreement, including without limitation applicable anti-money laundering laws and regulations of the United States and any jurisdiction in which investors are solicited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For so long as this Agreement is in effect, the Distributor shall provide or cause to be provided to the Board, at least quarterly and at such other times as requested by the Board, a written report of (i) the amounts expended pursuant to this Agreement in respect of Distribution Services and Investor Services and the purposes for which those expenditures were made, (ii) the use of payments received by the Distributor under the Plan and (iii) such other information relating to this Agreement as may be requested by the Board from time to time. The Distributor can use any of the officers and employees of the Adviser or its affiliates to provide any of the services or reports required under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Agreements with Financial Intermediaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor is authorized to enter into agreements with Financial Intermediaries of its choice for the sale of Shares and the provision of Investor Services; provided that the Distributor shall periodically inform the Board of the nature and substance of such agreements and that the Fund shall approve the forms of agreements with such Financial Intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within the United States, the Distributor shall enter into agreements for the sale of Shares only with Financial Intermediaries who are acting as brokers or dealers, who are members in good standing of FINRA and who agree to abide by the Conduct Rules of FINRA. For Financial Intermediaries who are not registered as brokers or dealers, the Distributor may act as an introducing broker and may offer and sell Shares directly to clients of those Financial Intermediaries, although such Financial Intermediaries may provide Investor Services to their clients. The Distributor shall obtain adequate assurance from any Financial Intermediary that sells Shares of the Fund of compliance by such Financial Intermediary with applicable federal and state securities laws and the Conduct Rules of FINRA, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor and the Financial Intermediaries shall be entitled to charge sales compensation to investors on the purchase price of Shares of the Fund and receive other sales and service compensation from investors in the Fund or from other sources, including without limitation the Fund and affiliates of the Distributor, if, and only to the extent, specified in the Prospectus upon the Fund's acceptance of the investor's subscription for Shares; provided that the Distributor shall have the authority to adjust or waive such sales compensation and services fees, if any, in particular cases, at its sole discretion, in consultation with the Fund and as generally described in the Prospectus. The Distributor may pay or allow such portion of any sales compensation and service fees to Financial Intermediaries that sold the Shares as may be agreed to from time to time by the Fund and the Distributor and disclosed in the Prospectus. In particular, the Distributor may compensate Financial Intermediaries for services they provide with (i) any applicable sales charge described in the Fund's Prospectus, (ii) any payments made pursuant to the Plan, or (iii) other payment from the Distributor's or its affiliates' own resources as the Distributor or its affiliates may determine from time to time. Payment of any such sales charge or other payment shall be the sole obligation of the Distributor, provided that the Distributor shall not be obligated to make any payment pursuant to the Plan unless the Distributor has received a corresponding payment from the Plan. The form of any agreement in which payments are made pursuant to the Plan, and the compensation to be paid thereunder, shall be approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor may pay amounts pursuant to this Section 6 to any affiliated person of the Distributor that sells Shares or provides Investor Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection with the preparation of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration statements under the 1933 Act and/or the 1940 Act, and all amendments and supplements thereto, and in connection with any fees and expenses incurred with respect to any filings with FINRA, preparing and mailing annual and interim reports, proxy materials and tender offer materials to shareholders (including but not limited to the expense of setting in type any such Registration Statement, Prospectus, Statement of Additional Information, annual or interim reports, proxy materials or tender offer materials, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear any cost and expenses of qualification of Shares for sale under the securities laws of such states or other jurisdictions as shall be selected by the Fund and the Distributor pursuant to this Agreement and the cost and expenses payable to each such state for continuing qualification therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall bear (i) any expenses of advertising incurred by the Distributor in connection with such distribution of the Shares and (ii) the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by the Fund's declaration of trust, Section 17(h) and Section 17(i) of the 1940 Act, and subject to the limitations below, the Fund will indemnify and hold harmless the Financial Intermediaries and the Distributor, their officers and directors and each person, if any, who controls such Financial Intermediary or Distributor within the meaning of Section 15 of the 1933 Act (the "<u>Indemnified Persons</u>") from and against any losses, claims, damages or liabilities ("<u>Losses</u>"), joint or several, to which such Indemnified Persons may become subject, under the 1933 Act, the 1934 Act, under common law or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon: (a) any untrue statement, or alleged untrue statement, of a material fact contained (i) in any Registration Statement or any Prospectus, or any post-effective amendment or supplement to either, (ii) in any federal or state securities filing or other document executed by the Fund or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or exempting any or all of the Shares from the registration requirements under the securities laws of any jurisdiction or based upon written information furnished by the Fund under the securities laws thereof (any such filing, document or information being hereinafter called a "<u>Filing</u>") or (iii) in any Authorized Sales Materials; (b) the omission, or alleged omission, to state in either any Registration Statement or Prospectus or any amendment or supplement to either or in any Filing or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (c) the failure of the Fund to comply, through no failure of the Distributor, Financial Intermediary or their respective indemnified parties, with any of the applicable provisions of the 1933 Act, the 1934 Act, the rules and regulations promulgated under the 1933 Act and the 1934 Act, or any other applicable state securities laws, rules or regulations; or (d) the material breach by the Fund of any term, condition, representation, warranty or covenant of the Fund set forth in this Agreement. The Fund will reimburse the Distributor and each Indemnified Person of the Distributor for any legal or other expenses reasonably incurred by the Distributor or such Indemnified Person in connection with investigating or defending such Loss.

Further notwithstanding the foregoing provisions of this Section 8(a), the Fund will not be liable in any such case to the extent that any such Loss or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished (x) to the Fund by the Distributor or (y) to the Fund or the Distributor by or on behalf of any Financial Intermediary specifically for use in any Registration Statement or any Prospectus, any post-effective amendment or supplement to either, any Filing or any Authorized Sales Materials, and, further, the Fund will not be liable for the portion of any Loss in any such case if it is determined that such Financial Intermediary or the Distributor was at fault in connection with such portion of the Loss, expense or action. Notwithstanding the foregoing provisions of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Persons against or entitle or be deemed to entitle the Fund Indemnified Persons to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Persons would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of any Indemnified Person's duties or by reason of the reckless disregard of the Distributor's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

The foregoing indemnity agreement of this Section 8(a) is subject to the further condition that, insofar as it relates to any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement or Prospectus (or amendment or supplement thereto) that was eliminated or remedied in any subsequent amendment or supplement thereto, such indemnity agreement shall not inure to the benefit of an Indemnified Person from whom the person asserting any Losses purchased the Shares that are the subject thereof, if a copy of the Registration Statement or Prospectus as so amended or supplemented was not sent or given to such person at or prior to the time the subscription of such person was accepted by the Fund, but only if a copy of the Registration Statement or Prospectus as so amended or supplemented had been supplied to the Distributor or the Financial Intermediary prior to such acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will indemnify and hold harmless the Fund, its officers and trustees (including any person named in the Registration Statement or the Fund's public filings with the SEC, with his or her consent, as about to become a trustee) and each person, if any, who controls the Fund within the meaning of Section 15 of the 1933 Act (the "<u>Fund Indemnified Persons</u>"), from and against any Losses to which any of the Fund Indemnified Persons may become subject, under the 1933 Act, the 1934 Act, under common law or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon: (a) any untrue statement, or alleged untrue statement, of a material fact contained (i) in the Registration Statement or Prospectus or any post-effective amendment or supplement to either, (ii) in any Filing or (iii) in any Authorized Sales Materials; (b) the omission, or alleged omission, to state in the Registration Statement or Prospectus or any post-effective amendment or supplement to either or in any Filing or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Fund by or on behalf of the Distributor specifically for use with reference to the Distributor in the preparation of the Registration Statement or Prospectus or any post-effective amendment or supplement to either, or in preparation of any Filing or Authorized Sales Materials; (c) any use of sales literature not authorized or approved by the Fund or any use of "broker-dealer use only" materials with members of the public by the Distributor in the offer and sale of the Shares, any use of sales literature in a particular jurisdiction if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction or any use of unauthorized verbal or written representations concerning the Shares by the Distributor or its representatives or agents (other than a Financial Intermediary); (d) any untrue statement, or alleged untrue statement, made by the Distributor or its representatives or agents or omission, or alleged omission, to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; (e) the material breach by the Distributor of any term, condition, representation, warranty or covenant of the Distributor set forth in this Agreement; (f) any failure to comply with applicable laws governing privacy issues, money laundering abatement and anti-terrorist financing efforts, including applicable rules of the SEC, FINRA and the USA Patriot Act; (g) the failure of the Distributor to maintain its status as a registered broker-dealer in accordance with the rules of FINRA and any applicable state broker-dealer registration requirements or the violation by the Distributor or any of its principals, managers, members, directors, officers, employees or agents of any requirements, rules or regulations of FINRA; or (h) the failure of the Distributor to comply (through no failure of the Fund Indemnified Persons), with any of the applicable provisions of the 1933 Act, the 1934 Act, the rules and regulations promulgated under the 1933 Act and the 1934 Act, or any other applicable state securities laws, rules or regulations. The Distributor will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action. This indemnity agreement will be in addition to any liability that the Distributor may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Financial Intermediary severally will indemnify and hold harmless the Fund, the Distributor, each of their officers and directors (including any person named in the Registration Statement or the Fund's filings with the SEC, with his or her consent, as about to become a trustee) and each person, if any, who controls the Fund or the Distributor within the meaning of Section 15 of the 1933 Act (the "<u>Financial Intermediary Indemnified Persons</u>") from and against any Losses to which a Financial Intermediary Indemnified Person may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon: (a) any untrue statement, or alleged untrue statement, of a material fact contained (i) in the Registration Statement or Prospectus or any post-effective amendment or supplement to either, (ii) in any Filing or (iii) in any Authorized Sales Materials; (b) the omission, or alleged omission, to state in the Registration Statement or Prospectus or any post-effective amendment or supplement to either or in any Filing or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Fund or the Distributor by or on behalf of the Financial Intermediary specifically for use with reference to the Financial Intermediary in the preparation of the Registration Statement or Prospectus or any post-effective amendment or supplement to either or in preparation of any Filing or Authorized Sales Materials; (c) any use of sales literature not authorized or approved by the Fund, any use of "broker-dealer use only" materials with members of the public by the Financial Intermediary in the offer and sale of the Shares or any use of sales literature in a particular jurisdiction if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction or any use of unauthorized verbal or written representations concerning the Shares by such Financial Intermediary or its representatives, employees or agents; (d) any untrue statement, or alleged untrue statement, made by the Financial Intermediary or its representatives or agents or omission, or alleged omission, to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; (e) the material breach by the Financial Intermediary of any term, condition, representation, warranty or covenant of the Financial Intermediary set forth in this Agreement or the Selected Dealer Agreement entered into between the Distributor and the Financial Intermediary; (f) any failure or alleged failure to comply with all applicable laws, including, without limitation, laws governing privacy issues, money laundering abatement and anti-terrorist financing efforts, including applicable rules of the SEC, FINRA and the USA Patriot Act, (g) the failure of the Financial Intermediary to maintain its status as a registered broker-dealer in accordance with the rules of FINRA and any applicable state broker-dealer registration requirements or the violation by the Financial Intermediary or any of its principals, managers, members, directors, officers, employees or agents of any requirements, rules or regulations of FINRA; (h) the failure of the Financial Intermediary to comply (through no failure of the Financial Intermediary Indemnified Persons), with any of the applicable provisions of the 1933 Act, the 1934 Act, the rules and regulations promulgated under the 1933 Act and the 1934 Act, or any other applicable state securities laws, rules or regulations; or (i) the failure by any purchaser of Shares to comply with the investor suitability requirements set forth in the Registration Statement or Prospectus. Each such Financial Intermediary will reimburse each Financial Intermediary Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action. This indemnity agreement will be in addition to any liability that such Financial Intermediary may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 8, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party to so notify the indemnifying party will relieve the indemnifying party from any liability under this Section 8 as to the particular item for which indemnification is then being sought, but not from any other liability that it may have to any indemnified party. Subject to Section 8(e), if any action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense or preparation of the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 8(e)) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. Any indemnified party shall not be bound to perform or refrain from performing any act pursuant to the terms of any settlement of any claim or action effected without the consent of such indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such actions or claims; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such actions or claims are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action or claim is finally brought; and if a majority of such indemnified parties are unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. Notwithstanding anything to the contrary set forth in this Agreement, the Fund will be entitled to assume the defense of any action or claim, but, in such case, such defense shall be conducted by counsel of good standing chosen by the Fund and approved by the Distributor or the Financial Intermediary, as applicable (which approval shall not be unreasonably withheld, conditioned or delayed). If the Fund elects to assume the defense of any action or claim, the defendant or defendants in such action or claim shall bear the fees and expenses of any additional counsel retained by any of them. The Distributor or the Financial Intermediary, as applicable, shall have the right to control the defense of any action or claim, with counsel of its own choosing, satisfactory to the Fund, if such action or claim is based solely upon such alleged misstatement or omission on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity agreements contained in this Section 8 shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of any Financial Intermediary, or any person controlling any Financial Intermediary or by or on behalf of the Fund, the Distributor or any officer or director thereof, or by or on behalf of any person controlling the Fund or the Distributor, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement. A successor of any Financial Intermediary or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Duration and Termination of this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the Effective Date and shall remain in full force and effect for one year from that day, and may be continued from year to year thereafter; provided, that such yearly continuances thereof shall be specifically approved each year by the Board or by a majority of the outstanding voting securities of the Fund, and in either case, also by a majority of the Board members who are not interested persons of the Fund or the Distributor (the "<u>Independent Trustees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, (i) by the Fund, either (a) by the vote of a majority of the Independent Trustees or (b) by vote of a majority of the outstanding voting securities of the Fund, or (ii) by the Distributor, in each case on sixty days' written notice to the other party. This Agreement shall automatically terminate in the event of its assignment, as defined in the 1940 Act. The provisions of Section 8, 11 and 12 of this Agreement shall survive its termination. In the event this Agreement is terminated by the Fund, the Distributor shall be entitled to be paid any CDSC on the repurchase proceeds of Shares sold prior to the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendments of this Agreement</u>. This Agreement may be amended by the parties only if such amendment is specifically approved (i) by the Board or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Board members of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law</u>. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York as at the time in effect and the applicable provisions of the 1940 Act. To the extent that the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Proprietary and Confidential Information</u>. The Distributor agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and not to use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld. Notwithstanding the foregoing, records and information shall not be subject to the foregoing obligations set forth in this Section 12 if they are required to be disclosed by the Distributor pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided by the Distributor will provide the Fund written notice of such requirement, to the extent such notice is permitted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Anti-Money Laundering Compliance</u>. The Distributor represent and warrant that, to the extent required by applicable law, it has adopted policies and procedures to comply with all applicable anti-money laundering, customer identification, suspicious activity, currency transaction reporting and similar laws and regulations including the Bank Secrecy Act, as amended by the USA PATRIOT Act, and the regulations thereunder, and FINRA Rule 3310. The Distributor also represents and warrants that, if purchasing Shares in securities brokerage accounts for which it acts as introducing broker, it will not purchase Shares on behalf of any person on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control ("<u>OFAC</u>"), or other similar governmental lists, or in contravention of any OFAC maintained sanctions program. The Distributor agrees (i) to share information with the Fund for purposes of ascertaining whether a suspicious activity report ("<u>SAR</u>") is warranted with respect to any suspicious transaction involving Shares, provided that neither the Distributor nor the Fund is the subject of the SAR and (ii) to include in agreements with Financial Intermediaries contractual provisions regarding the anti-money laundering compliance obligations of such Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Interpretation of Agreement Terms</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person," when used in this Agreement, shall have the respective meanings specified in the 1940 Act. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. The Fund and the Distributor may from time to time agree on such provisions interpreting or clarifying the provisions of this Agreement as, in their joint opinion, are consistent with the general tenor of this Agreement and with the specific provisions of this Section 13. Any such interpretations or clarifications shall be in writing signed by the parties and annexed hereto, but no such interpretation or clarification shall be effective if in contravention of any applicable federal or state law or regulations, and no such interpretation or clarification shall be deemed to be an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in counterparts, each of which when so executed and delivered shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof (including the Prior Agreement), and neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **ARES PRIVATE MARKETS FUND** | **ARES PRIVATE MARKETS FUND** |
| By: | /s/ Matthew Jill |
|  | Name: Matthew Jill |
|  | Title: Vice President and Assistant Secretary |
| **ARES WEALTH MANAGEMENT SOLUTIONS, LLC** | **ARES WEALTH MANAGEMENT SOLUTIONS, LLC** |
| By: | /s/ Casey Galligan |
|  | Name: Casey Galligan |
|  | Title: Co-Chief Executive Officer |
| **ARES MANAGEMENT CAPITAL MARKETS LLC** | **ARES MANAGEMENT CAPITAL MARKETS LLC** |
| By: | /s/ Heather Braun |
|  | Name: Heather Braun |
|  | Title: COO AMCM |

---

*[Signature Page to Second Amended and Restated Distribution Agreement]*

## Ex-99.(H)(2)

**Exhibit 99.(h)(2)**

**FORM OF SELECTED DEALER AGREEMENT**

Ladies and Gentlemen:

Ares Management Capital Markets LLC, as principal underwriter and distributor ("<u>Distributor</u>"), for Ares Private Markets Fund (the "<u>Company</u>"), a Delaware statutory trust, invites you ("<u>Dealer</u>") to participate in the distribution of shares of beneficial interest, par value $0.01 per share ("<u>Shares</u>"), of the Company, a closed-end management investment company registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>") that continuously offers its Shares, subject to the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Distribution Agreement

The Distributor has entered into a Second Amended and Restated Distribution Agreement with the Company and Ares Wealth Management Solutions, LLC, dated as of December 22, 2025 and effective as of January 2, 2026, attached hereto as <u>Exhibit A</u> (as amended from time to time, the "<u>Distribution Agreement</u>"). By your acceptance of this Selected Dealer Agreement (this "<u>Agreement</u>"), you will become one of the Dealers referred to in the Distribution Agreement and will be entitled and subject to the indemnification provisions contained in such Distribution Agreement, including the indemnification provisions contained in Section 8 of such Distribution Agreement wherein the Dealers severally agree to indemnify and hold harmless the Company, the Distributor and each officer and trustee/director thereof, and each person, if any, who controls the Company or the Distributor within the meaning of the Securities Act of 1933, as amended (the "<u>1933 Act</u>"). Except as otherwise specifically stated herein, all terms used in this Agreement have the meanings provided in the Distribution Agreement. The Shares are to be offered solely through broker-dealers who are members of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>").

The Dealer hereby agrees to use its best efforts to sell Shares on the terms and conditions stated in the Prospectus. Except as specifically set forth herein, including in <u>Schedule 3</u> hereto, nothing in this Agreement shall be deemed or construed to make the Dealer an employee, agent, representative or partner of the Distributor or of the Company, and the Dealer is not authorized to act for the Distributor or the Company or to make any representations on their behalf except as set forth in the Prospectus and such other Supplemental Information (as defined in Section VII herein).

The Dealer will provide distribution-related, continuing personal services to shareholders of and/or administration of shareholder accounts in, the Company, and will be entitled to certain payments ("<u>Distribution/Serving Fees</u>") from the Distributor pursuant to the Company's distributor and shareholder servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act ("<u>Plan</u>").

As described in the Distribution Agreement, and as used herein, the term "Prospectus" shall mean the prospectus included as part of the Fund's Registration Statement, as such prospectus may be amended or supplemented from time to time and currently in effect, and the term "Registration Statement" shall mean the Registration Statement most recently filed from time to time by the Fund with the Securities and Exchange Commission ("<u>SEC</u>") and effective under the 1933 Act and the 1940 Act, as such Registration Statement is amended by any amendments thereto at the time in effect. Each Registration Statement shall register a continuous offering (each, an "<u>Offering</u>") of Shares of the Fund, which may consist of Class A, Class D and/or Class I Shares or such other Shares as may be offered by the Fund thereto. In this Agreement, unless explicitly stated otherwise, "Offering" means, at any given time, an offering covered by a Registration Statement and "Shares" means the Shares being offered in an Offering. In this Agreement, unless explicitly stated otherwise, any references to the Registration Statement, the Offering, the Shares or the Prospectus with respect to each other shall mean only those that are all related to the same Registration Statement.

The Distributor will give the Dealer prompt written notice of the effectiveness of a new Registration Statement and an Offering thereunder. It is possible that more than one Registration Statement may be used for Offerings during times of transition from one Registration Statement to another, during which time offers or sales may be made pursuant to either Registration Statement. In such event, the Distributor shall (a) communicate to the Dealer details about the transition from one Registration Statement to the next, including when sales may be made pursuant to the most recent Registration Statement and when sales will cease pursuant to the older Registration Statement and (b) provide the Dealer with sufficient copies of the appropriate Prospectus and other offering materials in order to continue to make offers and sales throughout such transition period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Submission of Orders; Account Options

In offering and selling Shares to the Dealer's customers, the Dealer agrees to act as dealer for its own account and in no transaction shall the Dealer have any authority to act or hold itself out as agent for the Distributor or the Company, except for the limited purposes set forth under this Agreement. The Dealer agrees to purchase Shares from the Distributor or from the Dealer's customers. If the Dealer purchases Shares from the Distributor, the Dealer agrees that all such purchases shall be made only (a) to cover orders already received by the Dealer from its customers or (b) for Shares being acquired by the Dealer's customers pursuant to any exchange privilege or the reinvestment privilege, as described in the Prospectus. If the Dealer purchases Shares from the Dealer's customers, the Dealer agrees not to purchase Shares from its customers at a price lower than the applicable redemption price, determined in the manner described in the Prospectus and the Dealer further agrees that it will not withhold placing customers' orders for Shares so as to profit the Dealer as a result of such withholding.

Each person desiring to purchase Shares in the Offering will be required to complete and execute a subscription agreement provided by the Distributor to the Dealer for use in connection with the Offering ("<u>Eligibility Form</u>") and to deliver such completed and executed Eligibility Form together with a check or wire transfer ("<u>instrument of payment</u>") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Prospectus, as set forth in the Eligibility Form or as otherwise directed by the Distributor. The Dealer shall instruct, or shall cause a third-party broker-dealer custodian ("<u>Custodian</u>") to instruct, those persons who purchase Shares to make their instruments of payment payable to or for the benefit of "Ares Private Markets Fund." Purchase orders which include a completed and executed Eligibility Form in good order and instruments of payment received by the Company at least five (5) business days prior to the last calendar day of the month will be executed as of the first calendar day of the next month (based on the prior month's transaction price per Share of the applicable Share).

If the Dealer or the Custodian receives an Eligibility Form or instrument of payment not conforming to the foregoing instructions, the Dealer shall return, or cause the Custodian to return, such Eligibility Form and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Eligibility Forms and instruments of payment received by the Dealer or the Custodian, as applicable, which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section II. The Dealer agrees that it shall transmit, or shall cause the Custodian to transmit, received investor funds in accordance with the following procedures:

Where, pursuant to the Dealer's or the Custodian's (as applicable) internal supervisory procedures, internal supervisory review is conducted at the same location at which Eligibility Forms and instruments of payment are received from subscribers, Eligibility Forms and instruments of payment will be transmitted by the end of the next business day following receipt for deposit to Ares Private Markets Fund as set forth in the Eligibility Form or as otherwise directed by the Distributor.

Where, pursuant to the Dealer's or the Custodian's (as applicable) internal supervisory procedures, final internal supervisory review is conducted at a different location ("<u>Final Review Office</u>"), Eligibility Forms and instruments of payment will be transmitted by the end of the next business day following receipt to the Final Review Office. The Final Review Office will in turn, by the end of the next business day following receipt by the Final Review Office, transmit such Eligibility Forms and instruments of payment for deposit to Ares Private Markets Fund as set forth in the Eligibility Form or as otherwise directed by the Distributor.

Any transactions in Shares will be effected and evidenced by book-entry on the records maintained by the Company's transfer agent. A confirmation statement evidencing transactions in Shares will be transmitted to the Dealer by such transfer agent. The Dealer may appoint the Company's transfer agent as the Dealer's agent to execute customers' transactions in Shares sold to the Dealer by the Distributor in accordance with the terms and provisions of any account, program, plan, or service established or used by the Dealer's customers and to confirm each such transaction to the Dealer's customers on the Dealer's behalf, and at the time of the transaction, the Dealer guarantees the legal capacity of its customers so transacting in such Shares and any co-owners of such Shares.

Unless otherwise instructed by the Distributor or the Company's transfer agent, the Dealer may instruct the Company's transfer agent to register Shares purchased in the Dealer's name and account as nominee for the Dealer's customers, in which event all Prospectuses, proxy statements, periodic reports, and other printed material will be sent to the Dealer, and all confirmations and other communications to shareholders, including, but not limited to, repurchase offer notifications, will be transmitted to the Dealer. The Dealer shall be responsible for forwarding such printed material, confirmations, notifications and communications, or the information contained therein, to all customers for whom the Dealer holds such shares as nominee. However, the Company or its transfer agent shall be responsible for the reasonable costs associated with the Dealer forwarding such printed material, confirmations, notifications and communications and shall reimburse the Dealer in full for such costs. The Dealer shall also be responsible for complying with all reporting and tax withholding requirements with respect to the customers for whose account the Dealer is holding such Shares. With respect to customers not held in the Dealer's name and account as nominee, the Dealer shall provide the Distributor with all information (including, without limitation, certification of TINs and/or SSNs and back-up withholding instructions) necessary or appropriate for the Distributor to comply with any legal and regulatory reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Pricing and Repurchase Offers

The Distributor will accept the Dealer's purchase orders for Shares only at the public offering price applicable to each order, plus any applicable sales load, as determined in accordance with the Prospectus. The Distributor will not accept a conditional order from the Dealer. All orders are subject to acceptance or rejection by the Distributor in its sole discretion as set forth herein. The minimum and maximum dollar amounts for purchase of Shares for any shareholder shall be the applicable minimum or maximum dollar amount descried in the Prospectus and no order for less or more than, as the case may be, such amount will be accepted hereunder.

The Dealer acknowledges that the Company intends, but is not legally obligated, to make periodic offers to purchase Shares ("<u>repurchase offers</u>") as described in the Prospectus. Repurchases of Shares will be made at the net asset value ("<u>NAV</u>") of such Shares, in accordance with the applicable repurchase offer and the Prospectus, less any applicable charges and expenses for which the Company has determine to charge its shareholders in accordance with applicable law. The Dealer agrees to transmit to its customers any repurchase offer notification received from the Company or the Distributor within the time period specific in the repurchase offer notification, and to use its best efforts to transmit repurchase requests from its customers to the Company or its transfer agent or designee by the applicable repurchase request deadline as specific in such repurchase offer notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Dealers' Compensation

The sales load, if any, on the Dealer's sales of Shares will be offered as described in the Prospectus. In the case of a class of Shares that has adopted a Plan, the Distributor may elect from time to time to make payments to the Dealer as provided under such Plan in connection with providing the distribution and/or shareholder services provided for thereunder and as agreed to between the parties hereto. Any such payments shall be made in the amount and manner set forth in Schedule 1 hereto or in the Prospectus. Notwithstanding the foregoing, the Dealer acknowledges that any compensation to be paid to the Dealer by the Distributor is paid from proceeds paid to the Distributor by the Company pursuant to its Plan, and to the extent the Distributor does not receive such proceeds, for any reason, the amounts payable to the Dealer will be reduced accordingly. The Distributor or its affiliates may, to the extent permitted by applicable law, elect to make payments to the Dealer from their own resources.

Except as may be provided in the "Plan of Distribution" section of the Prospectus, the Dealer is entitled, on the terms and subject to the conditions herein, to the compensation set forth herein, including as provided on <u>Schedule 1</u> hereto. Schedule 1 may be discontinued or changed by the Distributor from time to time and shall be in effect with respect to a class of Shares that has a Plan and so long as such Plan remains in effect.

The Dealer shall furnish to the Distributor or the Company such information in writing as shall reasonably be requested by the Company's board of trustees ("<u>Board</u>") with respect to the fees paid to Broker/Dealer pursuant to this Agreement. In the event that Rule 2341 of the FINRA's Conduct Rules precludes the Company from imposing, or the Distributor from receiving, a sales charge (as defined in Rule 2341) or any portion thereof, the Dealer shall not be entitled to any payments from the Distributor hereunder from the date that the Company discontinues or is required to discontinue imposition of some or all of its sales charges. If the Company resumes imposition of some or all of its sales charge, the Dealer will be entitled to payments hereunder or as modified by the Distributor, if applicable.

The provisions of the Distribution Agreement, insofar as they relate to the Plan, are incorporated herein by reference. The provisions under this Agreement, relating to the Plan, shall continue in full force and effect only so long as the continuance of the Plan and the provisions of this Agreement are approved at least annually by a vote of the Board, including a majority of the trustees who are not interested persons of the Company (as defined by the 1940 Act) and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to a Plan, cast in person at a meeting called for the purpose of voting thereon.

The provisions regarding Dealer compensation may be terminated by the vote of a majority of the Board who are not interested persons of the Fund (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan, or by a vote of a majority of the Company's outstanding Shares, on sixty (60) days' written notice, without payment of any penalty. Such provisions will be terminated also by any act that terminates this Agreement and shall terminate automatically in the event of the assignment (as that term is defined in the 1940 Act) of this Agreement unless agreed to in writing by the parties in accordance with terms of Section XV herein.

After the effective date of any change in or discontinuance of Schedule 1, or the termination of the Plan, such payments will be allowable or payable to the Dealer only in accordance with such change, discontinuance, or termination. The Dealer agrees that it will have no claim against the Distributor or the Company by virtue of any such change, discontinuance, or termination. In the event of any overpayment by the Distributor of any concession, distribution payment, or service payment, the Dealer will promptly remit such overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Payments

If any Shares sold under this Agreement are sold with a front-end sales load and are repurchase for the account of the Company or are submitted for repurchase within seven (7) business days after confirmation of the purchase order for such Shares, the Dealer will refund to the Distributor the full sales load received by the Dealer on the sale and (ii) the Distributor will pay to the Company the Distributor's portion of the front-end sales load on the sale that had been retained by the Distributor, if any. In the event that any overpayment is made to the Dealer by the Distributor, the Dealer shall promptly, by in no event more than fifteen (15) days after the Dealer receives notice of such overpayment, repay such overpayment to the Distributor.

Payments due to the Dealer pursuant to this Agreement will be made by the Distributor to the Dealer. Payments due to the Dealer pursuant to this Agreement will be paid to the Dealer within 30 days after receipt by the Distributor. The Dealer, in its sole discretion, may authorize the Distributor to deposit any payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in Schedule 2 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Right to Reject Orders or Cancel Sales

All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any order. Orders not accompanied by an executed Eligibility Form and the required instrument of payment in payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier's check or the equivalent in payment for the Shares within fifteen (15) days of sale, the Distributor reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Distributor any sales load and any other fees or payments theretofore paid with respect to such order.

The transmission of orders will be governed by instructions that the Distributor will periodically issue to the Dealer. The Distributor must receive the Dealer's payment on or before the settlement date established in accordance with Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). If the Distributor does not receive the Dealer's payment on or before such settlement date, the Distributor may, without notice, cancel the sale. The Distributor will hold the Dealer responsible for any loss suffered by the Distributor or the Company as a result of the Dealer's failure to make payment as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Prospectus and Supplemental Information; Compliance with Laws

The Dealer is not authorized or permitted to give and will not give, any information or make any representation concerning the Shares except as set forth in the Prospectus and any additional sales literature which has been approved in advance in writing by the Distributor ("<u>Supplemental Information</u>"). The Distributor will supply Dealer with reasonable quantities of the Prospectus, any supplements thereto and any amended Prospectus, as well as any Supplemental Information, for delivery to investors, and the Dealer will deliver a copy of the Prospectus, all supplements thereto and any amended Prospectus to each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Shares to such investor. The Dealer agrees that it will not send or give any supplement to the Prospectus, any amended Prospectus or any Supplemental Information to an investor unless it has previously sent or given a Prospectus and all previous supplements thereto and any amended Prospectus to that investor or has simultaneously sent or given a Prospectus and all previous supplements thereto and any amended Prospectus with such supplement to the Prospectus or Supplemental Information. The Dealer agrees that it will not show or give to any investor or prospective investor, or reproduce, any material or writing which is supplied to it by the Distributor and marked "dealer only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public. The Dealer agrees that it will not show or give to any investor or prospective investor in a particular jurisdiction any material or writing that is supplied to it by the Distributor if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction. The Dealer agrees that it will not use, in connection with the offer or sale of Shares, any material or writing supplied to it by the Company or the Distributor bearing a legend which states that such material may not be used in connection with the offer or sale of any securities other than the company to which it relates. The Dealer further agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Distributor in writing.

To the extent applicable, the Dealer agrees, if the Distributor so requests, to furnish a copy of any revised preliminary Prospectus to each person to whom it has furnished a copy of any previous preliminary Prospectus, and further agrees that it will itself mail or otherwise deliver all preliminary and final Prospectuses required for compliance with the provisions of Rule 15c2-8 under the Exchange Act. Regardless of the termination of this Agreement, the Dealer will deliver a Prospectus in transactions in the Shares for a period of 90 days from the effective date of the Registration Statement or such longer period as may be required by the Exchange Act.

On becoming a Dealer, and in offering and selling Shares, the Dealer agrees to comply, and agrees that it shall require any Custodian to comply, with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act, the 1940 Act and the rules and regulations of the SEC promulgated under both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state, federal, foreign and other laws and regulations applicable to the Offering, the sale of Shares or the activities of the Dealer pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999 ("<u>GLBA</u>"), and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, the USA Patriot Act of 2001, and regulations administered by the Office of Foreign Asset Control at the Department of the Treasury; and (d) this Agreement and the Prospectus. With respect to Dealer's use of electronic delivery of offering documents or Eligibility Forms and electronic signatures, the Dealer agrees to abide by the terms set forth in <u>Schedule 3</u> of this Agreement. Notwithstanding the termination of this Agreement or the payment of any amount to the Dealer, the Dealer agrees to pay the Dealer's proportionate share of any claim, demand or liability asserted against the Dealer and the other dealers on the basis that such dealers or any of them constitute an association, unincorporated business or other separate entity, including in each case such Dealer's proportionate share of any expenses incurred in defending against any such claim, demand or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. License and Association Membership

The Dealer's acceptance of this Agreement constitutes a representation to the Company and the Distributor that the Dealer is a properly registered or licensed broker-dealer, duly authorized to sell the Shares under federal and state securities laws and regulations, and foreign laws, if applicable, and in all states or jurisdictions where it offers or sells Shares, and that it is a member in good standing of FINRA. This Agreement shall automatically terminate if the Dealer ceases to be a member in good standing of FINRA. The Dealer agrees to notify the Distributor immediately if the Dealer ceases to be a member in good standing of FINRA. The Dealer also hereby agrees to abide by, and the Dealer agrees that it shall require any Custodian to abide by, the Rules of FINRA, including, as applicable, FINRA Rules 2040, 2111, 2121, 2310, 2341, 5110 and 5141.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Limitation of Offer; Suitability

The Dealer will offer Shares only to persons who meet the financial qualifications set forth in the Prospectus and will only make offers to persons in the jurisdictions in which it is advised in writing by the Distributor that the Shares are qualified for sale or that such qualification is not required and in which the Dealer has all required licenses and registrations to offer Shares in such jurisdictions. In offering Shares, the Dealer will comply with the provisions of the Rules set forth in the FINRA Manual, as well as all other applicable rules and regulations relating to suitability of investors. Nothing contained in this section shall be construed to relieve Dealer of its suitability obligations under FINRA Rule 2111 or FINRA Rule 2310. The Dealer will sell Shares only to the extent approved by the Distributor as set forth on Schedule 1 to this Agreement. Nothing contained in this Agreement shall be construed to impose upon the Company or the Distributor the responsibility of assuring that prospective investors meet the suitability standards in accordance with the terms and provisions of the Prospectus. The Dealer shall not purchase any Shares for a discretionary account without obtaining the prior written approval of Dealer's customer and such customer's completed and executed Eligibility Form. The Dealer agrees to comply with the record-keeping requirements imposed by (a) federal and state securities laws and the rules and regulations thereunder, and (b) the applicable rules of FINRA. The Dealer further agrees to make its investor suitability records available to the Distributor and the Company upon request and to make them available to representatives of the SEC and FINRA upon the Dealer's receipt of a subpoena or other appropriate document request from such agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure Review; Confidentiality of Information

The Dealer agrees that it shall have reasonable grounds to believe, based on the information made available to it through the Prospectus or other materials, that all material facts are adequately and accurately disclosed in the Prospectus and provide a basis for evaluating the Shares. In making this determination, the Dealer shall evaluate, at a minimum, items of compensation, physical properties, tax aspects, financial stability and experience of the sponsor, conflicts of interest and risk factors, and appraisals and other pertinent reports. If the Dealer relies upon the results of any inquiry conducted by another member or members of FINRA, the Dealer shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Distributor or a sponsor or an affiliate of the sponsor of the Company.

It is anticipated that (i) the Dealer and Dealer's officers, directors, managers, employees, owners, members, partners, home office diligence personnel and other agents of the Dealer that are conducting a due diligence inquiry on behalf of the Dealer and (ii) persons or committees, as the case may be, responsible for determining whether the Dealer will participate in the Offering ((i) and (ii) are collectively, the "<u>Diligence Personnel</u>") either have previously or will in the future have access to certain Confidential Information (defined below) pertaining to the Company, the Distributor or their respective affiliates. For purposes hereof, "<u>Confidential Information</u>" shall mean and include: (i) trade secrets concerning the business and affairs of the Company, the Distributor, the Advisor, or their respective affiliates, (ii) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or strategies, slide presentations, business plans, however documented, belonging to the Company, the Distributor or their respective affiliates; (iii) information concerning the business and affairs of the Company, the Distributor or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, and market studies, however documented; (iv) any information marked or designated "Confidential—For Due Diligence Purposes Only"; and (v) any notes, analysis, compilations, studies, summaries and other material containing or based, in whole or in part, on any information included in the foregoing. The Dealer agrees to keep, and to cause its Diligence Personnel to keep, all such Confidential Information strictly confidential and to not use, distribute or copy the same except in connection with the Dealer's due diligence inquiry. The Dealer agrees to not disclose, and to cause its Diligence Personnel not to disclose, such Confidential Information to the public, or the Dealer's sales staff, financial advisors, or any person involved in selling efforts related to the Offering or to any other third party and agrees not to use the Confidential Information in any manner in the offer and sale of the Shares. The Dealer further agrees to use all reasonable precautions necessary to preserve the confidentiality of such Confidential Information, including, but not limited to (a) limiting access to such information to persons who have a need to know such information only for the purpose of the Dealer's due diligence inquiry and (b) informing each recipient of such Confidential Information of the Dealer's confidentiality obligation. The Dealer acknowledges that Dealer or its Diligence Personnel may previously have received Confidential Information in connection with preliminary due diligence on the Company, and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Dealer acknowledges that Dealer or its Diligence Personnel may in the future receive Confidential Information either in individual or collective meetings or telephone calls with the Company, or at general "Forums" sponsored by the Company, and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or medium. The Dealer acknowledges the restrictions and limitations of Regulation F-D promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Company to comply therewith. Notwithstanding the foregoing, Confidential Information may be disclosed (a) if approved in writing for disclosure by the Company or the Distributor, (b) pursuant to a subpoena or as required by law, or (c) as required by regulation, rule, order or request of any governing or self-regulatory organization (including the SEC or FINRA), provided that the Dealer shall notify the Distributor in advance if practicable under the circumstances of any attempt to obtain Confidential Information pursuant to provisions (b) and (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Dealer's Compliance with Anti-Money Laundering Rules and Regulations

The Dealer acknowledges that investors who purchase Shares through the Dealer are "customers" of the Dealer and not the Distributor. The Dealer hereby represents that it has complied and will comply with Section 326 of the USA PATRIOT Act of 2001 and the implementing rules and regulations promulgated thereunder ("<u>PATRIOT Act</u>") in connection with broker/dealers' anti-money laundering obligations ("<u>AML Rules</u>"). The Dealer hereby represents that it has adopted and implemented, and will maintain a written anti-money laundering compliance program ("<u>AML Program</u>") including, without limitation, anti-money laundering policies and procedures relating to customer identification as required by the PATRIOT Act and the implementing rules and regulations promulgated thereunder. In accordance with these applicable laws and regulations and its AML Program, the Dealer agrees to verify the identity of its new customers; to maintain customer records; and to check the names of new customers against government watch lists, including the Office of Foreign Asset Control's ("<u>OFAC</u>") list of Specially Designated Nationals and Blocked Persons. Additionally, the Dealer will monitor account activity to identify patterns of unusual size or volume, geographic factors and any other "red flags" described in the PATRIOT Act as potential signals of money laundering or terrorist financing. The Dealer will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law enforcement when required by law. Upon request by the Distributor at any time, the Dealer hereby agrees to furnish (a) a copy of its AML Program to the Distributor for review, and (b) a copy of the findings and any remedial actions taken in connection with the Dealer's most recent independent testing of its AML Program. The Dealer further understands that, while the Distributor is required to establish and implement an AML Program in accordance with the AML Rules, the Dealer cannot rely on the Distributor's AML Program for purposes of the Dealer's compliance with the AML Rules. The Dealer agrees to notify the Distributor immediately if the Dealer is subject to a FINRA disclosure event or fine from FINRA related to its AML Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. Privacy.

The Dealer agrees to abide by and comply in all respects with (a) the privacy standards and requirements of the GLBA and applicable regulations promulgated thereunder, (b) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit Reporting Act ("<u>FCRA</u>") and (c) its own internal privacy policies and procedures, each as may be amended from time to time.

The parties hereto acknowledge that from time to time, the Dealer may share with the Distributor, on behalf of the Company, and the Distributor, on behalf of the Company, may share with the Dealer nonpublic personal information (as defined under the GLBA) of customers of the Dealer. This nonpublic personal information may include, but is not limited to a customer's name, address, telephone number, social security number, account information and personal financial information. The Dealer shall only be granted access to such nonpublic personal information of each of its customers that pertains to the period or periods during which the Dealer served as the broker dealer of record for such customer's account. The Dealer and the Distributor, on behalf of the Company, shall not disclose nonpublic personal information of any customers who have opted out of such disclosures, except (a) to service providers (when necessary and as permitted under the GLBA), (b) to carry out the purposes for which one party discloses such nonpublic personal information to another party under this Agreement (when necessary and as permitted under the GLBA) or (c) as otherwise required by applicable law. Any nonpublic personal information that one party receives from another party shall be subject to the limitations on usage described in this Section XII. Except as expressly permitted under the FCRA, the Dealer agrees that it shall not disclose any information that would be considered a "consumer report" under the FCRA.

The Dealer shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers ("<u>List</u>") to identify customers that have exercised their opt-out rights. In the event the Dealer or the Distributor, on behalf of the Company, expects to use or disclose nonpublic personal information of any customer for purposes other than as set forth in this Section XII, it must first consult the List to determine whether the affected customer has exercised his or her opt-out rights. The use or disclosure of any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures, except as set forth in this Section XII, shall be prohibited.

In accordance with Regulation S-P, if non-public personal information regarding customers/shareholders is disclosed to either party in connection with this Agreement, the party receiving such information will not disclose or use that information other than as necessary to carry out the purposes of this Agreement. Any privacy notice that the Dealer delivers to customers/shareholders will comply with Title V of the GLBA and Regulation S-P, as each may be amended, and will notify customers that non-public personal information may be provided to financial service providers such as security broker-dealers or investment companies and as permitted by law. This provision will survive the termination of this Agreement.

The Dealer shall implement reasonable measures designed (a) to assure the security and confidentiality of nonpublic personal information of all customers; (b) to protect such information against any anticipated threats or hazards to the security or integrity of such information; (c) to protect against unauthorized access to, or use of, such information that could result in material harm to any customer; (d) to protect against unauthorized disclosure of such information to unaffiliated third parties; and (e) to otherwise ensure its compliance with all applicable privacy standards and requirements of federal or state law (including, but not limited to, the GLBA), and any other applicable legal or regulatory requirements. Dealer further agrees to cause all its agents, representatives, affiliates, subcontractors, or any other party to whom Dealer provides access to or discloses nonpublic personal information of customers to implement appropriate measures designed to meet the objectives set forth in this Section XII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. Repurchase Offers; No Secondary Market

The Dealer acknowledges that there is no public trading market for the Shares and that there are limits on the ownership, transferability and redemption of the Shares, which significantly limit the liquidity of an investment in the Shares. The Dealer also acknowledges that the Company repurchase offers, if any, provide only a limited opportunity for investors to have their Shares redeemed by the Company and that the Board may, in its sole discretion, amend, suspend, or terminate repurchase offers at any time. The Dealer hereby agrees that so long as the Company is offering Shares under a Registration Statement, and the Company has not listed the Shares on a national securities exchange, the Dealer will not engage in any action or transaction that would facilitate or otherwise create the appearance of a secondary market in the Shares.

In connection with the Dealer's recommendations to its customers regarding investment in Shares, the Dealer agrees to make appropriate disclosures to such customers regarding the risks associated with investing in the Company, including, but not limited to: (i) Shares will not be listed on a public exchange; (ii) no secondary market is expected to develop for Shares; (iii) liquidity for Shares will be provided only through repurchase offers, if any; (iv) there is no guarantee that an investor will be able to sell all the Shares that the investor desires to sell in a repurchase offer; (v) an investor should consider an investment in Shares to be of limited liquidity; (vi) investing in Shares may be speculative and involves a high degree of risk; and (vii) an investor should carefully read the Prospectus prior to investing in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV. Arbitration

Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any Federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association ("<u>AAA</u>"). Any matter to be settled by arbitration shall be submitted to the AAA in New York, New York, which shall be the exclusive venue for any such dispute and the parties agree to abide by all awards rendered in such proceedings. The parties shall attempt to designate one arbitrator from the AAA, but if they are unable to do so, then the AAA shall designate an arbitrator. Any arbitrator selected by the parties or the AAA shall be a qualified person who has experience with complex real estate disputes. The arbitration shall be final, binding, and enforceable in any court of competent jurisdiction. The parties agree that upon application pursuant to the provisions of the Federal Arbitration Act 9 USC § 1 et seq. the court shall enter judgment upon an award made pursuant to an arbitration under this Agreement.

The Dealer agrees that the Distributor may file an action to enjoin the Dealer from pursuing any dispute, controversy or claim arising between the parties relating to the Agreement in any forum or venue other than that specified in this Agreement ("<u>Suit for Injunctive Relief</u>"). The exclusive venue for any Suit for Injunctive Relief, Motion to Confirm, Motion to Modify, or Motion to Vacate an award made under this agreement shall be a court of competent jurisdiction in New York, New York. Dealer agrees that it is expressly waiving its right to have any dispute arising out of or related to the Agreement heard before a FINRA arbitration panel or pursuant to the FINRA Code of Arbitration Procedure. The Dealer hereby consents to the jurisdiction of any court of competent jurisdiction in New York, New York for purposes of this Agreement and waives any right to challenge the exercise of personal jurisdiction or venue in connection with any action brought pursuant to this Agreement. This arbitration provision shall be binding upon the past, present, and future agents, employees, and representatives of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XV. Duration and Termination; Entire Agreement and Amendment

The Dealer will suspend or terminate its offer and sale of Shares upon the request of the Distributor at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Distributor. Any party may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement (including any Schedules and Exhibits hereto), together with the Distribution Agreement, is the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto.

This Agreement, with respect to the Plan, will continue in effect for one year from its effective date, and thereafter will continue automatically for successive annual periods; provided, however, that such continuance is subject to termination at any time without penalty if a majority of the Board members who are not interested persons (as defined in the 1940 Act), or a majority of the outstanding securities of the Company (as defined in the 1940 Act), vote to terminate or not to continue the Plan. This Agreement, other than with respect to a terminated Plan, and any provisions of the Distribution Agreement that are applicable to the Dealer, may be amended at any time by the Distributor by written notice to the Dealer, and any such amendment shall be deemed accepted by the Dealer upon placing an order for sale of Shares after the Dealer has received such notice. For the avoidance of doubt, those provisions of the Distribution Agreement that are not applicable to the Dealer may be amended at any time without notice to the Dealer.

This Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). The respective agreements and obligations of the Distributor and Dealer set forth in Sections IV, VI, VII, and XIII through XVIII of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. Notice

All notices will be in writing and will be duly given to the Distributor when mailed to 1200 17th Street, 29th Floor, Denver, CO 80202, and to the Dealer when mailed to the address specified by the Dealer herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVII. Applicable Law

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York as at the time in effect and the applicable provisions of the 1940 Act. To the extent that the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

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| |
|:---|
| THE DISTRIBUTOR: |
| ARES MANAGEMENT CAPITAL MARKETS LLC |
| Date: |

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We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement.

**1. IDENTITY OF DEALER:**

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| | |
|:---|:---|
| Company Name: | |
| Type of entity: | |
|  | (Corporation, Partnership or Proprietorship) |
| Organized in the State of: | |
| Licensed as broker dealer all States: | Yes ☐ No ☐ |
| If no, list all States licensed as broker dealer: | |
| Tax ID #: | |

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**2. Person to receive notices delivered pursuant to the Selected Dealer Agreement.**

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| |
|:---|
| Name: |
| Company: |
| Address: |
| City, State and Zip: |
| Telephone: |
| Fax: |
| Email: |

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**SCHEDULE 1**

The following reflects the payments as agreed upon between Ares Management Capital Markets LLC (the "<u>Distributor</u>") and the Dealer, effective as of the effective date of the Selected Dealer Agreement (the "<u>Agreement</u>") between the Distributor and the Dealer in connection with the offering of Shares of Ares Private Markets Fund (the "<u>Company</u>").

**Upfront Sales Loads**

Except as may be provided in the "Plan of Distribution" section of the Prospectus, as compensation for completed sales (as defined below) by the Dealer of Class A Shares that the Dealer is authorized to sell and for services rendered by the Dealer hereunder, the Distributor shall reallow to the Dealer an upfront sales load in an amount up to the percentage of the transaction price per share set forth under "Share Class Election" in this <u>Schedule 1</u> on such completed sales of Class A Shares by Dealer. The Dealer shall not receive any sales load for sales of any Class D or Class I Shares or for any Shares issued by the Company pursuant to its dividend reinvestment plan ("<u>DRIP</u>").

For purposes of this <u>Schedule 1</u>, a "completed sale" shall occur if and only if a transaction has closed with an investor for Shares pursuant to all applicable offering and subscription documents, payment for the Shares has been received by the Company in full in the manner provided in Section II of the Agreement, the Company has accepted the Eligibility Form of such investor and the Company has thereafter distributed the sales load, to the Distributor in connection with such transaction. The Dealer shall be deemed to have sold the Shares if the Dealer introduced an investor to the Shares and a "completed sale" of Shares to such investor has occurred. The Dealer shall be deemed the broker dealer of record for such investor's account unless and until the Distributor or the Company is notified that there is a new broker dealer of record.

The Dealer shall be responsible for implementing, or causing the Custodian to implement, the volume discounts and other special circumstances described in or as otherwise provided in the "Plan of Distribution" section of the Prospectus.

**Distribution/Servicing Fees**

The payment of the Distribution/Servicing Fees to Dealer is subject to terms and conditions set forth herein, the Plan and the Prospectus. If Dealer elects to sell Class A and/or Class D Shares, eligibility to receive the Distribution/Servicing Fees with respect to the Class A and or Class D shares, as applicable, sold by the Dealer is conditioned upon the Dealer acting as broker-dealer of record with respect to such Shares.

The Dealer hereby represents by its acceptance of each payment of Distribution/Servicing Fees that it complies with the above requirement. The Dealer agrees to promptly notify the Distributor if it is no longer the broker-dealer of record with respect to some or all of the Class A and/or Class D Shares giving rise to such Distribution/Servicing Fees.

Subject to the conditions described herein, the Distributor will reallow to Dealer the Distribution/Servicing Fees in an amount described below, on Class A and/or Class D Shares, as applicable, sold by Dealer. To the extent payable, the Distribution/Servicing Fees will be payable monthly in arrears as provided in the Prospectus. All determinations regarding the total amount and rate of reallowance of the Distribution/Servicing Fees, the Dealer's compliance with the listed conditions, and/or the portion retained by the Distributor will be made by the Distributor in its sole discretion.

Notwithstanding the foregoing, subject to the terms of the Prospectus, upon the date when the Distributor is notified that the Dealer is no longer the broker-dealer of record with respect to such Class A and/or Class D Shares, then the Dealer's entitlement to the Distribution/Servicing Fees related to such Class A and/or Class D Shares, as applicable, shall cease, and Dealer shall not receive the Distribution/Servicing Fees for any portion of the month in which Dealer is not the broker dealer of record on the last day of the month; provided, however, if the change in the broker dealer of record with respect to such Class A and/or Class D Shares is made in connection with a change in the registration of record for such Class A and/or Class D Shares on the Company's books and records (including, but not limited to, a re-registration due to a sale or a transfer or a change in the form of ownership of the account), then Dealer shall be entitled to a pro rata portion of the Distribution/Servicing Fees related to such Class A and/or Class D Shares, as applicable, for the portion of the month for which Dealer was the broker dealer of record.

Thereafter, such Distribution/Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class A and/or Class D Shares, as applicable, if any such broker-dealer of record has been designated ("<u>Servicing Dealer</u>"), to the extent such Servicing Dealer has entered into a Selected Dealer Agreement or similar agreement with the Distributor ("<u>Servicing Agreement</u>") and such Selected Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. In this regard, all determinations will be made by the Distributor in good faith in its sole discretion. The Dealer is not entitled to any Distribution/Servicing Fees with respect to Class I shares. The Distributor may also reallow some or all of the Distribution/Servicing Fees to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Distributor to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

The Company and the Distributor will cease paying the Distribution/Servicing Fees with respect to individual Class A and/or Class D Shares when they are no longer outstanding, including as a result of conversion to Class I shares, if permitted in accordance with the Prospectus.

In addition, the Company and the Distributor will cease paying the Distribution/Servicing Fees with respect to each Class A and/or Class D Share sold on the date when, the Company, with the assistance of the Distributor, determine that all underwriting compensation paid or incurred in connection with such Offering from all sources, determined pursuant to the rules and guidance of FINRA, would be in excess of such percentages permitted by Rule 2341 of the FINRA Manual.

**General**

The parties hereby agree that the foregoing sales loads and Distribution/Servicing Fees are not in excess of the usual and customary distributors' or sellers' commission received in the sale of securities similar to the Shares, that the Dealer's interest in the Offering is limited to such sales loads and Distribution/Servicing Fees, as applicable, from the Distributor, and that the Company is not liable or responsible for the direct payment of such sales loads and Distribution/Servicing Fees to the Dealer.

Except as otherwise described under "Upfront Sales Loads" above, the Dealer waives any and all rights to receive compensation, including the Distribution/Servicing Fees, until it is paid to and received by the Distributor. The Dealer acknowledges and agrees that, if the Company pays sales loads or Distribution/Servicing Fees, as applicable, to the Distributor, the Company is relieved of any obligation for any such payments to the Dealer. The Company may rely on and use the preceding acknowledgement as a defense against any claim by the Dealer for sales loads or Distribution/Servicing Fees, as applicable, the Company pays to the Distributor but that Distributor fails to remit to the Dealer. The Dealer affirms that the Distributor's liability for sales loads payable and the Distribution/Servicing Fees is limited solely to the proceeds of sales loads and the Distribution/Servicing Fees, as applicable, received by the Distributor from the Company associated with the Dealer's sale of the applicable Shares, and the Dealer hereby waives any and all rights to receive payment of any sales loads or the Distribution/Servicing Fees, as applicable, due until such time as the Distributor is in receipt of the sales load or Distribution/Servicing Fees, as applicable, from the Company.

Notwithstanding anything herein to the contrary, Dealer will not be entitled to receive any sales loads or Distribution/Servicing Fees which would cause the aggregate amount of such sales loads, Distribution/Servicing Fees and other forms of underwriting compensation (as defined in accordance with applicable FINRA rules) paid from any source in connection with an Offering to exceed the limits set forth in FINRA Rule 2341.

**Due Diligence**

In addition, the Distributor may pay or reimburse the Dealer for reasonable *bona fide* due diligence expenses incurred by the Dealer in connection with the Offering. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Dealer and its personnel when visiting the Company's offices or properties to verify information relating to the Company or its properties. The Dealer shall provide a detailed and itemized invoice for any such due diligence expenses and shall obtain the prior written approval from the Distributor for such expenses, and no such expenses shall be reimbursed absent a detailed and itemized invoice. All such reimbursements will be made in accordance with, and subject to the restrictions and limitations imposed under the Prospectus, FINRA rules and other applicable laws and regulations.

**Share Class Election**

CHECK EACH APPLICABLE BOX BELOW IF THE DEALER ELECTS TO PARTICIPATE IN THE DISTRIBUTION OF THE LISTED SHARE CLASS

◻ Class A Shares ◻ Class D Shares ◻ Class I Shares

The following reflects the sales load and/or the Distribution/Servicing Fees as agreed upon between the Distributor and the Dealer for the applicable Share class.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Class A Shares</u> | &nbsp;&nbsp;<u>Class A Shares</u> | &nbsp;&nbsp;<u>Class A Shares</u> |
| &nbsp;&nbsp;________<br> (Initials) | &nbsp;&nbsp;Upfront Sales Load of up to 3.5% of the transaction price per Class A share sold in the Offering\* | &nbsp;&nbsp;By initialing here, the Dealer hereby agrees to the terms of the Agreement and this <u>Schedule 1</u> with respect to the Class A shares. |
| &nbsp;&nbsp;________<br> (Initials) | &nbsp;&nbsp;Distribution/Servicing Fees of 0.85% (Annualized Rate) of aggregate NAV of outstanding Class A shares | &nbsp;&nbsp;By initialing here, the Dealer agrees to the terms of eligibility for the Distribution/Servicing Fees set forth in this <u>Schedule 1</u>. Should the Dealer choose to opt out of this provision, it will not be eligible to receive the Distribution/Servicing Fees and initialing is not necessary. The Dealer represents by its acceptance of each payment of the Distribution/Servicing Fees that it complies with each of the above requirements. |
| &nbsp;&nbsp;<u>Class D Shares</u> | &nbsp;&nbsp;<u>Class D Shares</u> | &nbsp;&nbsp;<u>Class D Shares</u> |
| &nbsp;&nbsp;________<br> (Initials) | &nbsp;&nbsp;Distribution/Servicing Fees of 0.25% (Annualized Rate) of aggregate NAV of outstanding Class D shares | &nbsp;&nbsp;By initialing here, the Dealer agrees to the terms of eligibility for the Distribution/Servicing Fees set forth in this <u>Schedule 1</u>. Should the Dealer choose to opt out of this provision, it will not be eligible to receive the Distribution/Servicing Fees and initialing is not necessary. The Dealer represents by its acceptance of each payment of the Distribution/Servicing Fees that it complies with each of the above requirements. |

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\* Subject to discounts described in the "Plan of Distribution" section of the Prospectus.

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| | |
|:---|:---|
| "DISTRIBUTOR"<br>ARES MANAGEMENT CAPITAL MARKETS LLC | "DISTRIBUTOR"<br>ARES MANAGEMENT CAPITAL MARKETS LLC |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| "DEALER" | "DEALER" |
| (Print Name of Dealer) | (Print Name of Dealer) |
| By: |  |
|  | Name: |
|  | Title: |

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**SCHEDULE 2**

Dealer hereby authorizes the Distributor or its agent to deposit upfront sales loads, distribution/servicing fees, reallowances and other payments due to it pursuant to the Selected Dealer Agreement in the manner specified below. This authority will remain in force until Dealer notifies the Distributor in writing to cancel it. In the event that the Distributor deposits funds erroneously into Dealer's account, the Distributor is authorized to debit the account with no prior notice to Dealer for an amount not to exceed the amount of the erroneous deposit.

**Payment Type**

◻ Upfront Sales Load ◻ Distribution/Servicing Fees ◻ Other

If there are different instructions for each payment type, please complete a separate form for each payment instruction.

**Payment Method**

◻ Check Mailing Address:  

Attention:  

City: State: Zip:

◻ ACH

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| |
|:---|
| ABA Number: |
| Bank Name: |
| Account Number: |
| Reference: |
| Mailing Address: |

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City: State: Zip:

**Payment Backup**

◻ Hard Copy

◻ Mail to address listed above

◻ Mail to a different address:

Mailing address:  

City: State: Zip:

◻ Internet Dealer Commission (IDC) – Please go to <u>www.dstidc.com</u> to sign up for access to commission files.

If you have any questions regarding commissions, please contact WMS Operations at (888) 310-9352 or wmsoperations@aresmgmt.com.

**SCHEDULE 3**

**E-Signature and E-Delivery**

1. The Dealer will maintain written policies and procedures covering the delivery of electronic offering
documents and the use of electronic signatures.

2. The Dealer will comply with all applicable rules, regulations and guidelines issued by the SEC, FINRA,
NASAA and individual state securities administrators and any other applicable laws or regulations and guidelines pertaining to electronic
delivery of the Prospectus, Eligibility Forms and Supplemental Information and electronic signature of the Eligibility Form.

3. The Dealer will comply with all of the applicable requirements set forth in the NASAA Statement of Policy
Regarding Use of Electronic Offering Documents and Electronic Signatures, as may be amended from time to time (" <u>Statement of Policy</u> "). The Dealer will comply with such requirements in every U.S. jurisdiction irrespective of whether the jurisdiction
has adopted the Statement of Policy. The Dealer acknowledges that it is acting as an agent of the Company only with respect to the delivery
of the Prospectus, Eligibility Forms and Supplemental Information electronically, the administration of the subscription process and the
obtainment of electronic signatures and only to the extent Dealer's actions are in compliance with the Statement of Policy and the
Agreement.

4. The Dealer will also comply, as applicable, with the Electronic Signatures in Global and National Commerce
Act and the Uniform Electronic Transactions Act, to the extent applicable, as adopted in each applicable jurisdiction, as each may be
amended from time to time, and any other applicable laws.

5. The Dealer agrees to indemnify and hold harmless the Company, the Distributor, the Adviser and each person
who controls any of them within the meaning of either Section 15 of the Securities Act (collectively, the " <u>Indemnitees</u> "),
from and against any and all loss, liability, claim, damage and expense (including, without limitation, any legal or other expenses reasonably
incurred in connection with defending, investigating or settling any such action or claim), as incurred, arising out of any breach of
this <u>Schedule 3</u>.

6. This <u>Schedule 3</u> is for the benefit of each of the Indemnitees.

7. Sections 5 and 6 of this <u>Schedule 3</u> shall survive
the termination of the Agreement.

## Ex-99.(H)(3)

**Exhibit 99.(h)(3)**

**EXECUTION VERSION**

ARES PRIVATE MARKETS FUND<br> SECOND AMENDED AND RESTATED DISTRIBUTION AND SERVICING PLAN<br> ADOPTED PURSUANT TO RULE 12b-1

December 22, 2025

WHEREAS, Ares Private Markets Fund (the "<u>Fund</u>") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>");

WHEREAS, the Fund is permitted to rely on an exemptive order issued by the Securities and Exchange Commission (the "<u>SEC</u>") to offer multiple classes of shares with, among other things, asset-based distribution and/or service fees (the "<u>Order</u>");

WHEREAS, reliance on the Order requires the Fund to comply with the provisions of Rule 12b-1 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, the Fund voluntarily adopted a distribution and servicing plan pursuant to Rule 12b-1 under the 1940 Act with respect to the classes of shares of beneficial interest ("<u>Shares</u>") set forth on Exhibit A hereto, as such Exhibit may be amended from time to time (each, a "<u>Class</u>"), on February 24, 2022 (the "<u>Initial Plan</u>") and amended and restated the Initial Plan on February 27, 2024 (the "<u>Amended and Restated Plan</u>"); and

WHEREAS, the Fund currently employs Ares Wealth Management Solutions, LLC ("AWMS") as distributor of the Shares of each Class (as defined below) of the Fund;

WHEREAS, effective as of January 2, 2026 (the "Effective Date"), AWMS will be consolidated with and into Ares Management Capital Markets LLC, a Delaware limited liability company ("<u>AMCM</u>") (the "<u>Consolidation</u>"), and AMCM shall thereafter serve as the distributor of the Shares of each Class of the Fund; and

WHEREAS, as a result of and subject to the consummation of the Consolidation and commencing as of the Effective Date, the Fund desires to amend and restate the Amended and Restated Plan in its entirety pursuant to Rule 12b-1 with respect to the Classes;

NOW, THEREFORE, the Fund, with respect to each Class, hereby seeks to amend and restate that Amended and Restated Plan (as amended and restated, the "<u>Plan</u>") in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Class shall pay to AMCM, to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of shareholders who own such Class, a fee at the annual rate set forth in <u>Exhibit A</u> hereto, based on the aggregate net assets of the Fund attributable to each such Class, respectively, to be calculated as of the beginning of the first calendar day of each applicable month, and payable monthly in arrears. For purposes of calculating such fee, net asset value will be calculated prior to any reduction for any fees and expenses of the Fund, including, without limitation, the fees payable hereunder. In addition, the value of the Fund's net assets attributable to each Class shall be computed in the manner specified in the Fund's then-current Prospectus and Statement of Additional Information for the computation of the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As distributor of the Fund's Shares, AMCM may spend such amounts hereunder as it deems appropriate on any activities or expenses primarily intended to result in the sale of each Class, including, but not limited to: compensation to employees of AMCM; compensation to AMCM and other qualifying financial intermediaries that engage in or support the distribution of Shares; expenses of AMCM and such other financial intermediaries and entities, including overhead and telephone and other communication expenses; the printing and distribution of prospectuses and shareholder reports other than for existing members of the Fund; and the preparation and distribution of sales literature and advertising materials. This section does not preclude AMCM or its affiliates from making additional payments outside of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AMCM may spend such amounts hereunder as it deems appropriate on the administration and servicing of each Class's shareholder accounts, including, but not limited to: responding to inquiries from shareholders or their representatives requesting information regarding matters such as shareholder account or transaction status, net asset value of shares, performance, services, plans and options, investment policies, portfolio holdings, and distributions and taxation thereof; and dealing with complaints and correspondence of shareholders; compensating financial intermediaries and their employees who service each Class's shareholder accounts; and paying expenses of such financial intermediaries, including overhead and telephone and other communications expenses. This section does not preclude AMCM or its affiliates from making additional payments outside of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Plan and any related agreements shall become effective at such time as is specified by the Board of Trustees of the Fund (the "<u>Board</u>") and shall continue in effect for successive periods of one year for so long as such continuance is specifically approved at least annually by votes of a majority of both (a) the Board and (b) those Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of this Plan or any agreements related to it (the "<u>Rule 12b-1 Trustees</u>"), cast in person or as otherwise permitted by the SEC at a meeting or meetings called for the purpose of voting on this Plan and such related agreements; and only if the Trustees who approve the implementation or continuation of the Plan have reached the conclusion required by Rule 12b-1(e) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Board, and the Board shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As to each Class, this Plan may be terminated at any time without penalty by vote of a majority of the Rule 12b-1 Trustees or by vote of a majority of the outstanding voting securities of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. As to each Class, this Plan may not be amended to increase materially the amount of fees to be paid by the Fund hereunder unless such amendment is approved by a vote of a majority of the outstanding securities (as defined in the 1940 Act) of such Class, and no material amendment to the Plan shall be made unless such amendment is approved in the manner provided in Paragraph 4 hereof for annual approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. While this Plan is in effect, the selection and nomination of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund shall be committed to the discretion of Trustees who are themselves not interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Fund shall preserve copies of this Plan and any related agreements for a period of not less than six years from the date of expiration of the Plan or agreement, as the case may be, the first two years in an easily accessible place; and shall preserve copies of each report made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of such report, the first two years in an easily accessible place.

IN WITNESS WHEREOF, the Fund has executed this Plan as of the date first above written.

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| | |
|:---|:---|
| ARES PRIVATE MARKETS FUND | ARES PRIVATE MARKETS FUND |
| By: | /s/ Matthew Jill |
| Name: | Matthew Jill |
| Title: | Authorized Signatory |

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| | |
|:---|:---|
| Agreed and assented to: | Agreed and assented to: |
| ARES MANAGEMENT CAPITAL MARKETS LLC | ARES MANAGEMENT CAPITAL MARKETS LLC |
| By: | /s/ Heather Braun |
| Name: | Heather Braun |
| Title: | COO AMCM |
| ARES WEALTH MANAGEMENT SOLUTIONS, LLC | ARES WEALTH MANAGEMENT SOLUTIONS, LLC |
| By: | /s/ Casey Galligan |
| Name: | Casey Galligan |
| Title: | Co-CEO of Ares Wealth Management Solutions |

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EXHIBIT A

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| | |
|:---|:---|
| **Name of Class** | **Fee Rate** |
| Class A Shares | 0.85% |
| Class D Shares | 0.25% |

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