NY-based Alleghany Corp. increased its share in Ares Management to 6.25% after investing additional US $250 million in equity to the global asset manager. Alleghany also pledged to invest approximately US $1 Billion in Ares.

In a statement, Ares said it will utilize the money to support its numerous investment vehicles. Ares has at least 15 years experience with US $66 billion in assets managed.

Tony Ressler, senior partner of the Ares Executive Committee, said that the new agreement with Alleghany will benefit the company because of its expertise in managing assets and specialty insurance. "We are thrilled to have Alleghany join the Abu Dhabi Investment Authority as a strategic investor to meet the diverse needs of our blue chip investor base across more than 100 vehicles," he said.

Morgan Stanley offered financial advise to Alleghany in the transaction, while Bank of America Merrill Lynch and J.P. Morgan Securities served as adviser for Ares.