Ares Management Corporation, an alternative investment manager, has raised $3.7 billion of capital for its fund, Ares Sports, Media and Entertainment Finance, focused on investing in sports leagues, sports teams, and sports-related franchises.

The fund exceeded its initial target of $1.5 billion. To date, the fund has committed capital to 19 portfolio companies, including debt and equity investments in Atlético de Madrid, the San Diego Padres, McLaren Racing and Inter Miami CF.

“We are grateful to our investors for their overwhelming support for our inaugural sports, media and entertainment fund,” says Mark Affolter, partner and co-head of U.S. direct lending at Ares. “We have witnessed significant demand for new and original content among fans, streaming platforms and networks and this has driven sports related businesses to require flexible and scalable capital to help fuel this secular growth.”