Ares Management Corp.

Looking at loans to companies that defaulted over the past year, data shows that those made by private credit firms were valued at an average of 48 cents in the aftermath of the default.

The bank has been looking to pull together a group of lenders to help fund private credit deals it originates, in an effort to be more competitive against rivals.

The firms invested alongside each other in the Asia-Pacific region, with a particular focus on India.