Ares US Real Estate Opportunity Fund III, L.P Market and Portfolio Update

ØARES Ares US Real Estate Opportunity Fund III, L.P. (“AREOF III”) Market and Portfolio Update Prepared for the Fresno County Employees Retirement Association April 21, 2021 The information set forth in this document is provided solely for the use of the Fresno County Employees Retirement Association at its specific request.

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