FORM D
Notice of Exempt Offering of Securities

UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.

OMB APPROVAL
OMB Number: 3235-0076
Estimated Average burden hours per response: 4.0
1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001983080
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
 Ares Senior Credit Master Fund III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS 
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023
Radio button not checkedYet to Be Formed
 
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
 Ares Senior Credit Master Fund III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
 GRAND CAYMAN
 CAYMAN ISLANDS
 
 KY1-1104
 345-814-5769 




1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001983078
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982898
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Delaware) III LP
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Delaware) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982901
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Credit Master Fund (U) III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Credit Master Fund (U) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982900
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) BYOT (U) III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) BYOT (U) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982899
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) (U) III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) (U) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982896
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Delaware) (U) III LP
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Delaware) (U) III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769



1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0001982902
Radio button not checkedCorporation
Radio button checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button not checkedOther 
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) BYOT III LP
Jurisdiction of Incorporation/Organization
CAYMAN ISLANDS
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2023 
Radio button not checkedYet to Be Formed
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
Ares Senior Direct Lending Fund (Cayman) BYOT III LP
Street Address 1Street Address 2
 C/O SDL MANAGEMENT III LTD
 UGLAND HOUSE, PO BOX 309
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
GRAND CAYMAN
CAYMAN ISLANDS
KY1-1104
345-814-5769


3. Related Persons

Last NameFirst NameMiddle Name
SDL Management III Ltd
N/A
Street Address 1Street Address 2
 Ugland House, PO Box 309 
 
CityState/Province/CountryZIP/Postal Code
 Grand Cayman
 CAYMAN ISLANDS
 KY1-1104
 
Relationship:Checkbox not checkedExecutive OfficerCheckbox checkedDirectorCheckbox not checkedPromoter
Clarification of Response (if Necessary)
General partner of the Issuers




4. Industry Group
 Radio button not checkedAgriculture
Banking & Financial Services
 Radio button not checked Commercial Banking
 Radio button not checked Insurance
 Radio button not checkedInvesting
 Radio button not checked Investment Banking
 Radio button checked Pooled Investment Fund

*Is the issuer registered as an investment company under the Investment Company Act of 1940?
Radio button not checked Yes  Radio button checkedNo
 Radio button not checkedOther Banking & Financial Services
Radio button not checked Business Services
Energy
 Radio button not checked Coal Mining
 Radio button not checked Electric Utilities
 Radio button not checked Energy Conservation
 Radio button not checked Environmental Services
 Radio button not checked Oil & Gas
 Radio button not checked Other Energy
Health Care
 Radio button not checked Biotechnology
 Radio button not checked Health Insurance
 Radio button not checked Hospitals & Physicians
 Radio button not checked Pharmaceuticals
 Radio button not checked Other Health Care
   
   
   
  
Radio button not checked Manufacturing
Real Estate
 Radio button not checkedCommercial
 Radio button not checkedConstruction
 Radio button not checkedREITS & Finance
 Radio button not checkedResidential
Radio button not checkedOther Real Estate
Radio button not checked Retailing
Radio button not checkedRestaurants
Technology
Radio button not checked Computers
Radio button not checked Telecommunications
Radio button not checked Other Technology
Travel
Radio button not checked Airlines & Airports
Radio button not checked Lodging & Conventions
Radio button not checked Tourism & Travel Services
Radio button not checked Other Travel
Radio button not checkedOther

  
   
5. Issuer Size
Revenue RangeAggregate Net Asset Value Range
Radio button not checkedNo RevenuesRadio button not checked No Aggregate Net Asset Value
Radio button not checked $1 - $1,000,000Radio button not checked$1 - $5,000,000
Radio button not checked $1,000,001 - $5,000,000Radio button not checked $5,000,001 - $25,000,000
Radio button not checked$5,000,001 - $25,000,000Radio button not checked $25,000,001 - $50,000,000
Radio button not checked$25,000,001 - $100,000,000Radio button not checked $50,000,001 - $100,000,000
Radio button not checked Over $100,000,000Radio button not checked Over $100,000,000
Radio button not checked Decline to Disclose Radio button not checkedDecline to Disclose
Radio button not checked Not ApplicableRadio button checked Not Applicable

 
6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)
Checkbox not checkedRule 504(b)(1) (not (i), (ii)
or (iii))		Checkbox checkedRule 506(b)      
Checkbox not checkedRule 504 (b)(1)(i) Checkbox not checkedRule 506(c)
Checkbox not checkedRule 504 (b)(1)(ii) Checkbox not checkedSecurities Act Section 4(a)(5)
Checkbox not checkedRule 504 (b)(1)(iii)Checkbox checkedInvestment Company Act Section 3(c)
Checkbox not checkedSection 3(c)(1)Checkbox not checkedSection 3(c)(9)
Checkbox not checkedSection 3(c)(2)Checkbox not checkedSection 3(c)(10)
Checkbox not checkedSection 3(c)(3)Checkbox not checkedSection 3(c)(11)
Checkbox not checkedSection 3(c)(4)Checkbox not checkedSection 3(c)(12)
Checkbox not checkedSection 3(c)(5)Checkbox not checkedSection 3(c)(13)
Checkbox not checkedSection 3(c)(6)Checkbox not checkedSection 3(c)(14)
Checkbox checkedSection 3(c)(7)
 
 

7. Type of Filing
Checkbox not checked New Notice Date of First Sale 
2023-07-28
Checkbox not checked First Sale Yet to Occur
Checkbox checked Amendment


 
 
8. Duration of Offering
Does the Issuer intend this offering to last more than one year? Radio button not checked Yes Radio button checked No
 
 
9. Type(s) of Securities Offered (select all that apply)
Checkbox checkedPooled Investment Fund InterestsCheckbox not checkedEquity
Checkbox not checkedTenant-in-Common Securities Checkbox not checkedDebt
Checkbox not checkedMineral Property SecuritiesCheckbox not checkedOption, Warrant or Other Right to Acquire Another Security
Checkbox not checkedSecurity to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire SecurityCheckbox not checkedOther (describe)
 
 
 
10. Business Combination Transaction
Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Radio button not checked Yes Radio button checked No
Clarification of Response (if Necessary)
 
 
 
11. Minimum Investment
Minimum investment accepted from any outside investor$
 0
USD

12. Sales Compensation
Recipient Recipient CRD NumberCheckbox not checkedNone
 Ares Management Capital Markets LLC
 166219
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
800 Corporate Pointe, 3rd Floor
 
City State/Province/CountryZIP/Postal Code
 Culver City
 CALIFORNIA
 90230
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 CAIS Capital, LLC
 154512
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
527 Madison Avenue, 2nd Floor
 
City State/Province/CountryZIP/Postal Code
 New York
 NEW YORK
 10022
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox checkedNone
 Picton S.A.
  
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
Apoquindo 2929, 22nd Floor
 
City State/Province/CountryZIP/Postal Code
 Las Condes, Santiago
 CHILE
 7560356
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox checkedNone
 Eugene Investment & Securities Co., Ltd.
  
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
24 Gukjegeumyung-ro Yeongdeungpo-gu
14th floor, Eugene Bldg
City State/Province/CountryZIP/Postal Code
 Seoul
 KOREA, REPUBLIC OF
 150-710
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox checkedNone
 Korea Investment and Securities Co., Ltd.
  
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
88 Uisadang-daero Yeongdeungpo-Gu
 
City State/Province/CountryZIP/Postal Code
 Seoul
 KOREA, REPUBLIC OF
 07321
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 Merrill Lynch, Pierce, Fenner & Smith Incorporated
 7691
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
One Bryant Park
 
City State/Province/CountryZIP/Postal Code
 New York
 NEW YORK
 10036
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox checkedNone
 Korea Asset Investment Securities Co., Ltd
  
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
57 Yeouinaru-ro Yeongdeungpo-gu
12th Floor, Shinsong Center B/D
City State/Province/CountryZIP/Postal Code
 Seoul
 KOREA, REPUBLIC OF
 150-711
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox checkedNone
 414 Estructuracion, S.A. de C.V.
  
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
Paseo de la Reforma 115, 14th Floor
Lomas de Chapultepec, Miguel Hidalgo
City State/Province/CountryZIP/Postal Code
 Mexico City
 MEXICO
 11000
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox checkedForeign/Non-US
 



13. Offering and Sales Amounts
 
Total Offering Amount $
 
USDCheckbox checkedIndefinite
Total Amount Sold $
7392204000
USD
Total Remaining to be Sold $
 
USDCheckbox checkedIndefinite
Clarification of Response (if Necessary)
Amount above is calculated based on the USD foreign exchange spot rate (as reported by Bloomberg L.P.) as of 31 October 2023 (being USD 1 = JPY 0.0066).
 
14. Investors

Checkbox not checkedSelect if securities in the offering have been or may be sold to persons who do not qualify as accredited investors,
Number of such non-accredited investors who already have invested in the offering
   
  Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
130
 
15. Sales Commissions & Finders’ Fees Expenses
Provide separately the amounts of sales commissions and finders' fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.
Sales Commissions$
0
USDCheckbox checkedEstimate
Finders' Fees$
0
USDCheckbox checkedEstimate
Clarification of Response (if Necessary)
Amounts to be paid to certain Recipients listed in Item 12 (Sales Compensation) will be determined based on a percentage of capital raised from certain investors.
 

16. Use of Proceeds
Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.
 $ 
0
USDCheckbox checkedEstimate
Clarification of Response (if Necessary)
 

Signature and Submission
 
Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.
Terms of Submission 
 In submitting this notice, each Issuer named above is: 
 
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, the information furnished to offerees.
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the Issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against it in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).
 
Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.
For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.
Checkbox not checkedI also am a duly authorized representative of the other identified issuer(s) in Item 1 above and authorized to sign on their behalf.
 
IssuerSignatureName of SignerTitleDate
Ares Senior Credit Master Fund III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Cayman) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Delaware) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Credit Master Fund (U) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Cayman) BYOT (U) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Cayman) (U) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Delaware) (U) III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10
Ares Senior Direct Lending Fund (Cayman) BYOT III LP/s/ Rachel WilliamsRachel WilliamsDirector of the General Partner2023-11-10