SCHEDULE 13G 0001490706 XXXXXXXX LIVE Common Shares 02/19/2025 0002031750 ARES CORE INFRASTRUCTURE FUND 04021D108 245 Park Avenue, 44th Floor New York NY 10067 Rule 13d-1(d) Ares Holdings L.P. b DE 0.00 1351421.00 0.00 1351421.00 1351421.00 N 5.2 PN The calculation of the foregoing percentage is based on 26,238,118 common shares of beneficial interest, par value $0.01 per share (the "Common Shares") of Ares Core Infrastructure Fund (the "Fund") outstanding as of May 12, 2025, based on information received from the Fund. Ares Management Holdings L.P. b DE 0.00 1000.00 0.00 1000.00 1000.00 N 0.0 PN The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. Ares Holdco LLC b DE 0.00 1352421.00 0.00 1352421.00 1352421.00 N 5.2 OO The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. Ares Management Corporation b DE 0.00 1352421.00 0.00 1352421.00 1352421.00 N 5.2 CO The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. Ares Voting LLC b DE 0.00 1352421.00 0.00 1352421.00 1352421.00 N 5.2 OO The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. Ares Partners Holdco LLC b DE 0.00 1352421.00 0.00 1352421.00 1352421.00 N 5.2 OO The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. Ares Management GP LLC b DE 0.00 1352421.00 0.00 1352421.00 1352421.00 N 5.2 OO The calculation of the foregoing percentage is based on 26,238,118 Common Shares of the Fund outstanding as of May 12, 2025, based on information received from the Fund. ARES CORE INFRASTRUCTURE FUND 245 Park Avenue, 44th Floor New York, NY, 10067 This Schedule 13G is being filed jointly by the following (collectively, the "Reporting Persons"): (i) Ares Holdings L.P. ("Ares Holdings"); (ii) Ares Management Holdings L.P. ("Ares Management Holdings"); (iii) Ares Holdco LLC ("Ares Holdco"); (iv) Ares Management Corporation ("Ares Management"); (v) Ares Voting LLC ("Ares Voting"); (vi) Ares Partners Holdco LLC ("Ares Partners"); and (vii) Ares Management GP LLC ("Ares Management GP"). The address of the principal business and principal office of each of the Reporting Persons is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. Each of the Reporting Persons is organized in the State of Delaware. Y See responses to Item 9 on each cover page. The reported securities represent 1,351,421 Common Shares directly held by Ares Holdings and 1,000 Common Shares directly held by Ares Management Holdings. The general partner of Ares Holdings and Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions of the Board Members. See responses to Item 11 on each cover page. The reported securities represent 1,000 Common Shares directly held by Ares Management Holdings and 1,351,421 Common Shares directly held by Ares Holdings, which represent 0.00004% and 5.15060% respectively of the Common Shares outstanding as of May 12, 2025, based on information received from the Fund. All share amounts reflected in this Statement have been rounded to the nearest whole Common Share. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. Y Y Y Y Y Y 99.1 Joint Filing Agreement, dated May 14, 2025, by and among the Reporting Persons. Ares Holdings L.P. /s/ Anton Feingold 05/14/2025 Ares Management Holdings L.P. /s/ Anton Feingold 05/14/2025 Ares Holdco LLC /s/ Anton Feingold 05/14/2025 Ares Management Corporation /s/ Anton Feingold 05/14/2025 Ares Voting LLC /s/ Anton Feingold 05/14/2025 Ares Partners Holdco LLC /s/ Anton Feingold 05/14/2025 Ares Management GP LLC /s/ Anton Feingold 05/14/2025