APMF Summary Risk Factors

Important Information and Risks

This is neither an offer to sell nor a solicitation to purchase the securities described herein. An offering is made only by the Ares Private Markets Fund prospectus (the “Prospectus”) which must precede or accompany this presentation. Please read the Prospectus prior to making any investment decisions and consider the risks, charges, and expenses and other information described therein. Additional copies of the Prospectus may be obtained by contacting your financial advisor or by visiting https://www.areswms.com/ares-wealth-management-solutions/solutions/apmf.

This content, developed by Ares Management Capital Markets LLC, distributor of Ares Private Markets Fund (the “Fund”), should not be used as a primary basis for investment decisions and is not intended to serve as investment or fiduciary advice.

These materials also contain information about Ares Management Corp. (“Ares”) and certain of its personnel and affiliates whose portfolios are managed by Ares or its affiliates. Information about the Fund or its investment strategy is not and should not be interpreted as a guarantee of future performance. Future results are subject to any number of risks and factors, many of which are beyond the control of the Fund, its investment adviser, or its distributor. In addition, an investment in the Fund will be discrete from an investment in any other fund or account managed by Ares (an “Ares Fund”) and will not be an investment in Ares. As such, neither the realized returns nor the unrealized values attributable to one Ares Fund are directly applicable to an investment in any other Ares Fund. Funds may engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Investors may suffer the loss of their entire investment. In addition, in light of the various investment strategies of such other Ares Funds, it is noted that such other investment programs may have portfolio investments inconsistent with those of the Fund. Ares Capital Management II LLC serves as the Fund’s investment adviser (the “Adviser”) and is responsible for making investment decisions for the Fund’s portfolio. Ares Management Capital Markets LLC is the distributor for the Fund.

Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Prospective investors should not view the past performance of Ares as indicative of future results. Ares does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

This may contain information obtained from third parties. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT.

Fund Risks

An investment in shares of beneficial interest of the Fund (“Shares”) is speculative with a substantial risk of loss. The Fund and the Adviser do not guarantee any level of return or risk on investments and there can be no assurance that the Fund’s investment objective will be achieved. You should carefully consider these risks along with all the other information contained in the Prospectus before deciding to invest in the Fund.

The Fund has a limited operating history. An investment in the Fund may not be suitable for investors who may need the money they invested in a specified timeframe. Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at an investor’s option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate its Shares. The Adviser intends to recommend that, in normal market circumstances, the Fund’s board of trustees (the “Board”) conduct quarterly tender offers of no more than 5% of the Fund’s net assets.

Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as summarized in the Prospectus and permitted under the Fund’s agreement and declaration of trust.

In addition to the risks above, the Fund’s risks and limitations also include, but are not limited to the following:

Dependence on the Adviser and Key Personnel: The Fund will depend on the Adviser’s ability to perform its functions and the key personnel who are employed by the Adviser. There is no assurance that these key personnel will continue to be associated with the Adviser which can have an impact on the management and performance of the Fund.

Non-Diversification of Investments: The Fund is a “non-diversified” investment company for purposes of the Investment Company Act which means the Fund may be more susceptible to the risk that one single event or occurrence can have a significant adverse impact on the Fund.

Valuation Risks: The Fund is subject to valuation risk, which is the risk that one or more of the securities in the Fund are valued at prices the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or no readily available market quotations, and other factors. Therefore, the variance in the valuation of the investments can impact fees and expenses and the price a Shareholder will receive when purchasing or selling shares of the Fund.

Private Equity Strategy-Specific Risks: Direct Investments in private companies and investments in Portfolio Funds, involve a high degree of business and financial risk that can result in substantial losses.

Private Company Investment Risks: Private companies are generally not subject to SEC reporting requirements, are not required to maintain accounting records in accordance with generally accepted accounting principles and are not required to maintain effective internal controls over financial reporting. As a result, there is the risk that the Fund may invest based on incomplete or inaccurate information, which can adversely affect the Fund’s performance. Private companies may also have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares that can make such private companies more vulnerable to competitors’ actions and market conditions. Private companies are generally in restricted securities that are not traded in public markets, and are subject to holding periods, and the Fund may not be able to realize the value of such investments in a timely manner. There may also be significant competition for these types of assets which can affect the Fund’s ability to achieve the desired allocation and investment returns.

Portfolio Fund Investment Risks: Portfolio Fund interests are expected to be illiquid; their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. In addition, Portfolio Funds may have little or no near-term cash flow available to distribute to investors including the Fund. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund Managers, and these valuations may be impossible to confirm. The investments made by Portfolio Funds will entail a high degree of risk and in most cases be highly illiquid and difficult to value.

Secondary Investment Risks: There is no assurance that Secondary Investments made by the Fund will be made at attractive discounts to net asset value or at all. There is no assurance that the Fund will be able to identify Secondary Investments that satisfy the Fund’s investment objectives.

Direct Investment Risks: The Fund’s investment portfolio will include Direct Investments, which are investments in the equity and/or debt securities of private companies including alongside private equity funds and other private equity firms. The Adviser may have little or no opportunity to conduct due diligence or negotiate the terms of such investments. The Fund’s ability to dispose of Direct Investments may be severely limited.

See the Prospectus for more detailed risk information. The list above is not a complete list of Fund risks. You should rely only on the information contained in the Prospectus. The Fund has not authorized anyone to provide you with different information. Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.