Ares expands Plenitude stake after €1.5 billion investment

• Ares Management (NYSE:ARES) increased its investment in Plenitude through a €1.5 billion capital contribution with Eni.
• Ares now holds a 26.24% stake in Plenitude after contributing more than €1 billion to the transaction.
• The deal updates Plenitude’s governance structure, with Ares and Eni jointly controlling the company.

Ares Management (NYSE:ARES) announced that its Ares Alternative Credit funds participated in a Plenitude ownership and governance restructuring, increasing its stake after a combined capital contribution of approximately €1.5 billion with Eni.

The transaction was completed based on a pre-money equity valuation of Plenitude of €10.75 billion, with Ares contributing more than €1 billion and increasing its ownership position from the 20% stake acquired in 2025.

Under the revised structure, Ares owns 26.24% of Plenitude, Eni holds 65.03% and Energy Infrastructure Partners holds 8.73%, while Ares and Eni will jointly control the company through an updated board structure.

Ares will appoint three Plenitude board members, including Stefano Questa as Chairman, while Eni will appoint five members including the CEO and Energy Infrastructure Partners will appoint one board member.

Ares Alternative Credit managed approximately $57 billion in assets as of June 30, 2026, investing across areas including specialty finance, lender finance, equipment leasing, structured products, real estate and other asset-focused opportunities.