The vehicle's predecessor, ACOF IV, held a final close on $4.7bn in August 2012.
Fundraising for the latest vehicle began in the third quarter of 2015, with Proskauer Rose acting as placement agent.
ACOF V will target growth investments and buyouts across North America and Europe. As with its predecessors, it will also look to make investments in distressed assets in return for controlling stakes.
Ares has a generalist investment remit, having previously made mezzanine and equity deals for European assets in the technology, healthcare, consumer, industrials and financial sectors.
The GP was part of a consortium of mezzanine lenders who took a controlling stake in Dutch retailer Maxeda DIY via a debt-for-equity restructuring. More recently, Ares provided unitranche debt to support Apax Partners' secondary buyout of French software developer InfoVista.
Ares has previously invested around 40% of its available funds in distressed asset deals, with previous funds generating a net IRR of 16%.
Commitments to the fund came predominantly from existing LPs, which accounted for around 80% of the total raised.
The GP itself has committed $250m to ACOF V, which it said was predominantly from employees.
Ares – David Kaplan, Bennett Rosenthal (co-heads of private equity).