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    <testOrLive>LIVE</testOrLive>

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        <entityName>Ares Capital Europe V (E) Levered</entityName>
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            <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
            <city>LONDON</city>
            <stateOrCountry>X0</stateOrCountry>
            <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
            <zipCode>W1S 3BE</zipCode>
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        <issuerPhoneNumber>44 (20) 7434 6400</issuerPhoneNumber>
        <jurisdictionOfInc>LUXEMBOURG</jurisdictionOfInc>
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            <value>2020</value>
        </yearOfInc>
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            <cik>0001822681</cik>
            <entityName>Ares Capital Europe V (E) Unlevered</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
                <city>LONDON</city>
                <stateOrCountry>X0</stateOrCountry>
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            </yearOfInc>
        </issuer>
        <issuer>
            <cik>0001822680</cik>
            <entityName>Ares Capital Europe V (G) Levered</entityName>
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                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
                <city>LONDON</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
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                <previousName>Ares Capital Europe V (G) Levered SCSp</previousName>
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                <value>2020</value>
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        </issuer>
        <issuer>
            <cik>0001822774</cik>
            <entityName>Ares Capital Europe V (G) Unlevered</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
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                <value>2020</value>
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        </issuer>
        <issuer>
            <cik>0001822683</cik>
            <entityName>Ares Capital Europe V (D) Levered</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
                <city>LONDON</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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            <jurisdictionOfInc>LUXEMBOURG</jurisdictionOfInc>
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                <value>2020</value>
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        </issuer>
        <issuer>
            <cik>0001822688</cik>
            <entityName>Ares Capital Europe V (D) Levered Feeder</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
                <city>LONDON</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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                <value>2020</value>
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        </issuer>
        <issuer>
            <cik>0001822775</cik>
            <entityName>Ares Capital Europe V (Y) Unlevered</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LIMITED</street1>
                <street2>10 NEW BURLINGTON STREET, 6TH FLOOR</street2>
                <city>LONDON</city>
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    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Ares Offshore Holdings L.P.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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            <relationshipClarification>Sole Member of the General Partner of the General Partners</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Ares Capital Europe V GP S.a r.l.</lastName>
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                <street1>c/o Ares Management Limited</street1>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
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            <relationshipClarification>General Partner of the Issuers</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Ares Capital Europe V GP (Delaware), LP</lastName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Delaware General Partner of the Issuers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ACE V GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Delaware General Partner of the Issuers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tyrone</firstName>
                <lastName>Cooney</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Dennis</lastName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>Kipp</middleName>
                <lastName>deVeer</lastName>
            </relatedPersonName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kai</firstName>
                <lastName>Gebauer</lastName>
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                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carl</firstName>
                <lastName>Helander</lastName>
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            <relatedPersonAddress>
                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Blair</firstName>
                <lastName>Jacobson</lastName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
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            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <lastName>Theodorakis</lastName>
            </relatedPersonName>
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                <street2>10 New Burlington Street, 6th Floor</street2>
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                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
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                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joshua</firstName>
                <middleName>M.</middleName>
                <lastName>Bloomstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Weiner</lastName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
                <city>London</city>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>W1S 3BE</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <lastName>Sinclair</lastName>
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                <street1>c/o Ares Management Limited</street1>
                <street2>10 New Burlington Street, 6th Floor</street2>
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                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
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                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
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        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
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        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
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        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001822682-20-000004</previousAccessionNumber>
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            <dateOfFirstSale>
                <value>2020-09-04</value>
            </dateOfFirstSale>
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        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
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        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
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        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Ares Investor Services LLC</recipientName>
                <recipientCRDNumber>166219</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 Avenue of the Stars</street1>
                    <city>Los Angeles</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90067</zipCode>
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                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
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        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>11008107005</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Amount above is calculated based on the USD foreign exchange spot rate (as reported by Bloomberg L.P.) as of 4 September 2020 (being USD 1 = GBP 0.7530, EUR 0.8447 and JPY 106.2400).</clarificationOfResponse>
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        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>207</totalNumberAlreadyInvested>
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        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Amount sold to be paid determined based on a percentage of capital raised.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partners will receive a fee for management services.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>Ares Capital Europe V (E) Levered</issuerName>
                <signatureName>Matthew Jill</signatureName>
                <nameOfSigner>Matthew Jill</nameOfSigner>
                <signatureTitle>Authorised Signatory, GP of the GP of the Issuer</signatureTitle>
                <signatureDate>2020-12-30</signatureDate>
            </signature>
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</edgarSubmission>
