# EDGAR Filing Document

**Accession Number:** 0001876006
**File Stem:** 0001752724-23-049973
**Filing Date:** 2023-3
**Character Count:** 31423
**Document Hash:** 137a4fcb9123d59353570d9b0028c5d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049973.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049973

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Private Markets Fund
- **CENTRAL INDEX KEY:** 0001876006
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23727
- **FILM NUMBER:** 23692090

**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

## Nport-Ex

**ARES PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2022 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Assets - 77.15%** | **Geographic Region** | **Acquisition Date** | **Cost** | **Fair Value** | **Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;***Co-Investments 0.07%*** | &nbsp;&nbsp;&nbsp;***Co-Investments 0.07%*** | &nbsp;&nbsp;&nbsp;***Co-Investments 0.07%*** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrum Cap Partners LP<sup>(a)</sup> | North America | 12/2/2022 | $106719 | $205836 | 0.07% |
| &nbsp;&nbsp;&nbsp;***Secondary Investments 77.08%<sup>(a)</sup>*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P. | North America | 4/1/2022 | 3777314 | 4217049 | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capvest Strategic Opportunities 3 SCSP<sup>(b)</sup> | North America | 8/3/2022 | 12180059 | 12437905 | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DFW Capital Partners V, L.P. | North America | 4/1/2022 | 9354914 | 9138755 | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII (EEA) L.P. | North America | 4/1/2022 | 7188436 | 5911375 | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Indigo Equity Partners A L.P.<sup>(b)</sup> | North America | 6/8/2022 | 880180 | 876681 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Indigo Equity Partners B L.P.<sup>(b)</sup> | North America | 6/8/2022 | 12500000 | 12468423 | 4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XI, L.P. | North America | 4/1/2022 | 1931528 | 2047794 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Olympus Co-Invest L.P.<sup>(b)</sup> | North America | 10/18/2022 | 2500000 | 2500000 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linden Opportunities Fund LP<sup>(b)</sup> | North America | 9/1/2022 | 4071606 | 4042351 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livingbridge 6 LP | Europe | 4/1/2022 | 16814943 | 18247895 | 6.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livingbridge Enterprise 2 LP | Europe | 4/1/2022 | 10394951 | 10502706 | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorient Peregrine Investment, LP<sup>(b)</sup> | North America | 11/25/2022 | 10000000 | 12728073 | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VII, L.P. | North America | 4/1/2022 | 9702208 | 11015527 | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum Equity Capital Partners IV, L.P. | North America | 6/30/2022 | 31743623 | 35204685 | 12.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towerbrook TMX Continuation Fund, L.P. | North America | 6/13/2022 | 11743774 | 11875174 | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VI, L.P. | North America | 4/1/2022 | 1349021 | 1172756 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. | North America | 4/1/2022 | 9327636 | 8940147 | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners V LP | North America | 4/1/2022 | 33440532 | 31945846 | 11.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus XII, L.P. | North America | 12/30/2022 | 14975597 | 18759376 | 6.75% |
| **Total Private Assets** |  |  | $**203983041** | $**214238354** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments - 22.86%** | **Shares** | **Cost** | **Fair Value** |
| ***Money Market Funds - 22.86%*** | ***Money Market Funds - 22.86%*** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund Institutional Class, 4.32%<sup>(c)</sup> | 63483789 | 63483789 | 63483789 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Total Money Market Funds*** | 63483789 | 63483789 | 63483789 |
| **Total Short-Term Investments** |  | $**63483789** | $**63483789** |
| **Total Investments – 100.01%** |  | $**267466830** | $**277722143** |
| **Other Assets In Excess of Liabilities – (0.01)%** |  |  | **(10854)** |
| **Net Assets - 100.00%** |  |  | $**277711289** |

---

*<sup>(a)</sup>* *Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund's investment in the position. Total fair value of restricted securities amounts to $214,238,354, which represents approximately 77.15% of the Fund's net assets as of December 31, 2022.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *The rate shown is the annualized 7-day yield as of December 31, 2022.*

**1. Organization**

Ares Private Markets Fund (the "Fund"), was organized as a Delaware statutory trust on July 28, 2021 and commenced operations on April 1, 2022. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund currently offers three separate classes of Shares designated as Class A, Class D, and Class I shares ("Shares"). Each class of Shares is subject to different fees and expenses. The Fund's investment objective is to seek attractive long-term capital appreciation. In pursuing its investment objective, the Fund invests in an actively managed portfolio of private equity and other private assets (collectively, "Private Assets"). The Fund may gain access to Private Assets through a number of different approaches, including: (i) secondary purchases of interests in private equity and other private asset funds managed by unaffiliated asset managers ("Portfolio Funds"), including through privately negotiated transactions, from investors in a Portfolio Fund or directly from the Portfolio Fund ("Secondary Investments"); (ii) primary investments in Portfolio Funds ("Primary Investments"); and (iii) direct investments in the equity or debt of private companies, including investments alongside private equity firms ("Direct Investments/Co-Investment"). The Fund invests principally in Secondary Investments and, to a lesser degree, in Primary Investments and Direct Investments/Co-Investments, although the allocation among those types of investments may vary from time to time. The Fund also intends to invest a portion of its assets in a portfolio of liquid assets, including cash and cash equivalents, liquid fixed-income securities and other credit instruments, and other investment companies, including exchange traded funds.

Ares Capital Management II LLC (the "Adviser"), a wholly owned subsidiary of Ares Management Corporation, is responsible for the day-to-day management of the Fund's assets. Investments in the Fund may be made only by eligible investors that are both "accredited investors" as defined in Section 501(a) of Regulation D under the Securities Act of 1933, as amended, and "qualified clients" as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended.

**2. Summary of Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Investment Companies.

*Use of Estimates* – The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.

*Income Taxes* – It is the policy of the Fund to qualify as a regulated investment company, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary.

*Cash* – Cash consists of monies held in a non-interest bearing account at UMB Bank, N.A. Such cash, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.

*Valuation* – The Fund will value investments monthly at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements.

*Expense Recognition* – Expenses are recognized on an accrual basis.

**3. Fair Value Disclosures**

The Fund follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below.

The three-tier hierarchy of inputs is summarized below:

- Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

- Level 3 – Significant unobservable inputs for the financial instrument (including management's own assumptions in determining the fair value of investments).

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds' net asset value as a "practical expedient," in accordance with ASC 820-10.

Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell some of its investments for extended periods, which may be several years. The types of Portfolio Funds that the Fund may make investments in include Primary and Secondary Investments. Primary Investments are investments in newly established private equity funds. Secondary Investments are investments in existing private equity funds that are acquired in privately negotiated transactions.

The fair value relating to certain underlying investments of these Portfolio Funds, for which there is no public market, has been estimated by the respective Portfolio Funds' management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a public market for the investments existed. These differences could be material.

The Fund may also make Direct Investments/Co-Investments, which may include debt and/or equity securities issued by operating companies and are typically made as investments alongside a private equity fund.

The following table is a summary of information about the levels within the fair valuation hierarchy at which the Fund's investments are measured as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Short-Term Investments | $63483789 | $– | $– | $63483789 |
| TOTAL | $63483789 | $– | $– | $63483789 |

---

The Fund held Investment Funds with a fair value of $214,238,354, that in accordance with ASU 2015-07, are excluded from the fair value hierarchy as of December 31, 2022, as investments in Investment Funds valued at net asset value, as a "practical expedient", are not required to be included in the fair value hierarchy.

A listing of Private Asset types held by the Fund and related attributes, as of December 31, 2022, are shown in the below table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Category** | **Investment Strategy** | **Fair Value** | **Unfunded Commitments** | **Redemption Frequency\*** | **Notice Period (In Days)** | **Redemption <br> Restrictions Terms\*\*** |
| Direct Investments/Co-Investments | Investments in an operating company alongside <br> other investors | $205836 | $– |  | N/A | Liquidity in the form of distributions from Private Asset investments |
| Primary Investments | Investments in newly established Portfolio Funds | – | – |  | N/A | Liquidity in the form of distributions from Private Asset investments |
| Secondary Investments | Investments in existing Portfolio Funds that <br> are typically <br> acquired in privately <br> negotiated transactions | 214032518 | 44911580 |  | N/A | Liquidity in the form of distributions from Private Asset investments |

---

*\** *The information summarized in the table above represents the general terms for the specified investment type. Individual Private Asset investments may have terms that are more or less restrictive than those terms indicated for the investment type as a whole. In addition, most Private Asset investments have the flexibility, as provided for in their constituent documents, to modify and waive such terms.*

*\*\** *Distributions from Private Asset investments occur at irregular intervals, and the exact timing of distributions from Private Asset investments cannot be determined. It is estimated that distributions will occur over the life of the Private Asset investments.*

**4. Principal Risk Factors**

The following are certain principal risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund. The Fund's investment program is speculative and entails substantial risks. In considering participation in the Fund, prospective investors should be aware of certain principal risk factors, including:

**General Investment Risks.** There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to shareholders, or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk.

**Management Risk.** The Fund is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund invests in Private Assets. The Fund's allocation of its investments across Portfolio Funds, Direct Investments and other portfolio investments representing various strategies, geographic regions, asset classes and sectors may vary significantly over time based on the Adviser's analysis and judgment. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions.

**Closed-End Fund Structure; Liquidity Limited to Periodic Repurchases of Shares.** An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a shareholder's option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future.

**Restrictions on Transfers.** Transfers of Shares may be made only with the prior written consent of the Board, which may be withheld in the Board's sole discretion. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability.

**Non-Diversified Status.** The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.

**Valuation Risk.** The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or, with respect to securities for which there are no readily available market quotations, the inherent difficulty in determining the fair value of certain types of investments. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value.

A substantial portion of the Fund's assets are expected to consist of Portfolio Funds and Direct Investments/Co-Investments for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund at fair value as determined pursuant to policies and procedures approved by the Board.

The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. The Fund will invest a significant amount of its assets in Private Assets for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments.

The Fund's net asset value is a critical component in several operational matters including computation of the Advisory Fee, the Incentive Fee and the Distribution and Servicing Fee, and determination of the price at which the Shares will be offered and at which a repurchase offer will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses shareholders will pay, the price a shareholder will receive in connection with a repurchase offer and the number of Shares an investor will receive upon investing in the Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ares Private Markets Fund

- **b. Investment Company Act file number:** 811-23727

- **c. CIK number of Registrant:** 0001876006

- **d. LEI of Registrant:** 54930051YXS5JRICQ134

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 PARK AVENUE 44TH FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10167

  - **Telephone number:** 2127507300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ares Private Markets Fund

- **c. LEI of Series:** 54930051YXS5JRICQ134

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $278585553.85

**Total Liabilities:** $874264.50

**Net Assets:** $277711289.35

**Cash Not Reported:** $8661.78

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.24%                | 0.44%                | 1.55%                |
| Class ID N/A | 0.28%                | 0.42%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77587.13                | $734091.77                                 |
| Month 2  | $-82332.37               | $1060787.74                                |
| Month 3  | $1037273.00              | $8182702.52                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                            | Linden Opportunities Fund LP                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $4042351.00   | 1.46%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | KKR North America Fund XI, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $1900022.00   | 0.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | DFW Capital Partners V, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $9138755.00   | 3.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | KKR Indigo Equity Partners A L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $878860.00    | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | KKR Indigo Equity Partners B L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $12490273.00  | 4.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Apollo Investment Fund IX, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $4217049.01   | 1.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Capvest Strategic Opportunities 3 SCSP         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $12437905.00  | 4.48%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | Warburg Pincus XII, L.P.                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $18759376.00  | 6.75%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | Madison Dearborn Capital Partners VII, L.P.    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $11015527.00  | 3.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Vista Equity Partners V LP                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $31945846.00  | 11.50%            |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | LORIENT PEREGRINE INVESTMENT, LP               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $12728073.00  | 4.58%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | Livingbridge Enterprise 2 LP                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | GB        |  | OU      | $10502705.99  | 3.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Towerbrook TMX Continuation Fund, L.P.         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $11875174.00  | 4.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Platinum Equity Capital Partners IV, L.P.      | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $35204684.99  | 12.68%            |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | TPG Partners VI, L.P.                          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $1172756.00   | 0.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        | 63483789  | NS      | $63483789.14  | 22.86%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                            | KKR Americas Fund XII (EEA) L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $5823033.00   | 2.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | KKR OLYMPUS CO-INVEST L.P.                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $2500000.00   | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | Livingbridge 6 LP                              | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | GB        |  | OU      | $18247894.84  | 6.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                            | Integrum Cap Partners LP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $205836.00    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                            | TPG Partners VII, L.P.                         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | OU      | $8940147.00   | 3.22%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Ares Private Markets Fund

**Signature:** Vincent Britt

**Name of Signer:** Vincent Britt

**Title:** Vice President/Controller