Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV”)
Endnotes
13. Inception Date: means, for each Related Vehicle, the year of initial closing. With respect to AREOF and AREOF II, the Inception Date is the same as the Fund Vintage.
14. Target Returns: Target returns are not a reliable indicator of future performance and no guarantee or assurance is given that such that performance objectives will be
achieved. Actual results may differ materially from the target returns presented herein. Any investment involves significant risk, including the loss of principal. The target
returns are provided solely to evaluate the return potential and risk profile of an investment in the Fund. Target net returns are not based on modeled expectations or specific
criteria and assumptions, but rather what we believe we may achieve given current market conditions, which may differ from actual events or conditions. Actual gross returns
will be reduced by any applicable management fees, performance fees/carried interest and other expenses. Target net returns assume the deduction of any relevant
management fees, performance fees and other expenses or transaction costs/expenses.
Inclusive of $1.6 billion in commitments to AREOF IV, of which $1.1 billion of capital has been unlocked as of June 30, 2023.
15.
Summary of Vehicle Definitions
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AREOF means Ares US Real Estate Opportunity Fund, L.P.
AREOF II means Ares Real Estate Development and Redevelopment Fund II, L.P..
AREOF III means Ares US Real Estate Opportunity Fund III, L.P.
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