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Peer Fund / Dealmaker·Specialty Finance

Mitchell Goldstein

Partner & Co-Head of Credit Group at Ares Management Corporation

New York, NY

MG
Why they matter

Co-runs Ares' credit platform and sits atop ARCC's board — he shapes underwriting appetite and pricing across the largest direct lender in the market.

Background

Mitchell Goldstein is a Partner and Co-Head of the Ares Credit Group, where he has worked since May 2005 building out Ares' direct lending and credit platform; he also serves as Co-Chairman of the Board of Ares Capital Corporation (since October 2024) and Co-Chief Executive Officer of Ares Strategic Income Fund (since 2022). Before Ares, he was a Managing Director in Credit Suisse First Boston's Financial Sponsors Group, with earlier roles at Indosuez Capital and Bankers Trust. He holds a B.S. in Accounting from SUNY Binghamton (summa cum laude) and an M.B.A. from Columbia Business School.

Notable deals

  • 2024
    Led Ares Management's acquisition of Riverside Credit Solutions, expanding lower-middle-market direct lending coverage
  • 2024
    Appointed Co-Chairman of Ares Capital Corporation's Board of Directors alongside Michael Smith
  • 2022
    Quoted announcing Ares' $2.4 billion agreement to acquire Annaly Capital Management's middle-market lending portfolio

Call-prep brief

Background

  • Partner and Co-Head of the Ares Credit Group since 2005; previously MD at Credit Suisse First Boston's Financial Sponsors Group, with earlier stints at Indosuez Capital and Bankers Trust.
  • Co-Chairman of the Board of Directors of Ares Capital Corporation (ARCC) since October 2024; also Co-CEO of Ares Strategic Income Fund since 2022.
  • B.S. Accounting, SUNY Binghamton (summa cum laude); M.B.A., Columbia Business School.

Current Focus

  • Oversees credit underwriting and portfolio strategy across Ares' direct lending, commercial finance, and structured credit businesses — one of the largest private credit platforms globally.
  • Actively expanding lower-middle-market coverage (2024 Riverside Credit Solutions acquisition) and absorbing large, complex portfolios (2022 Annaly $2.4B deal).

What He Cares About

  • Downside protection and cycle-tested underwriting discipline — publicly frames private credit's edge as "you can control your downside."
  • Scale and breadth as a competitive moat: positioning Ares as a one-call solution provider across the capital structure.

Recent Moves

  • Sept 2024: led acquisition of Riverside Credit Solutions to deepen lower-middle-market lending bench.
  • Oct 2024: elevated to Co-Chairman of ARCC's board as Ares refreshed its president and board bench.

Sensitivities

  • Publicly defensive about private equity/private credit's layoff reputation — avoid framing questions as "is private credit riskier than banks."
  • Co-leadership structure (with Michael Smith) means some strategic decisions may require alignment before commitment.

Questions to Ask

  1. How is the Credit Group calibrating underwriting standards given tighter spreads and rising direct-lending competition in 2026?
  2. What's the strategic rationale for bolt-on acquisitions like Riverside Credit Solutions versus organic build-out in the lower-middle market?
  3. How does the ARCC board think about capital allocation across Ares' BDC vehicles (ARCC, ASIF) as private credit fundraising matures?

Outreach draft

Subject
Question on Ares' Direct Lending Strategy
Hi Mitch, I'm reaching out on behalf of a private equity deal team evaluating opportunities in specialty finance and direct lending. Given your work co-leading Ares' Credit Group — from the Riverside Credit Solutions acquisition to your new role as Co-Chairman of Ares Capital's board — your read on underwriting discipline and competitive dynamics in today's market would be invaluable. Would you be open to a 30-minute call in the next couple of weeks to discuss how you're thinking about deal flow, pricing, and risk in the current credit cycle? Happy to work around your schedule. Best, [Placeholder Name]

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