Ares Management LP, the alternative investment firm run by Tony Ressler, is in talks to acquire Kayne Anderson Capital Advisors, a private equity company with $29 billion in assets, according to two people with knowledge of the matter.

The firms are discussing the potential combination and haven’t finalized a deal, said the people, who asked not to be named because the talks are ongoing. The acquisition would be paid for in stock and cash, the people said.

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