Item 1 Security and Issuer
This Schedule 13D relates to the Class I Common Shares, $0.001 par value per share (the “Common Shares”), of Ares Private Markets Fund (the “Issuer”). The address of the Issuer’s principal executive office is: 245 Park Avenue, 44th Floor, New York, NY 10167.
Item 2 Identity and Background
(a) This Schedule 13D is being filed by Liberty Mutual Holding Company Inc. (“LMHC”), Liberty Mutual Retirement Plan Master Trust (“LMRPMT”) and Liberty Mutual Investment Holdings LLC (“LMIH”) (collectively, the “Reporting Persons”, and each, a “Reporting Person”).
(b) The address and principal office of each of the Reporting Persons is 175 Berkeley Street, Boston, Massachusetts 02116.
(c) LMHC operates primarily through two businesses: (1) global risk solutions and (2) global retail markets. Each of these businesses market and underwrite insurance policies issued by the insurance entities owned or controlled by LMHC, including (i) stock insurance companies, (ii) stock insurance companies that were formerly mutual insurance companies and (iii) other affiliated insurance entities.
LMIH holds various private equity assets.
LMRPMT is a qualified benefit plan for the benefit of the employees of Liberty Mutual Group Inc. and its participating employers.
(d)-(e) None of the Reporting Persons has, during the last five years: (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) LMHC is a Delaware corporation. LMRPMT is a Massachusetts trust. LMIH is a Delaware limited liability company.
The name, present principal occupation or employment and citizenship of each director and executive officer of LMHC are set forth on Annex A hereto, which is incorporated herein by reference.
Item 3 Source and Amount of Funds or Other Considerations
On April 1, 2022, LMIH and LMRPMT acquired 3,477,323.57 and 894,623.72 Common Shares from the Issuer at a per share price of $25.00 in cash. Such acquisitions were made in exchange for contributions of assets at the time of issuance and obligations to contribute additional assets at a later date secured by cash.
Item 4 Purpose of Transaction
The Reporting Persons who hold Common Shares directly acquired those securities as an investment in the regular course of their businesses. The Reporting Persons may engage in discussions with management, the Issuer’s board of directors, other stockholders of the Issuer and other relevant parties concerning the business, operations, board composition, management, strategy and future plans of the Issuer. Subject to the terms of the Agreement (as defined below), the Reporting Persons intend to re-examine their investment from time to time and, depending on prevailing market conditions, other investment opportunities, liquidity requirements or other investment considerations the Reporting Persons deem material, the Reporting Persons may from time to time acquire additional Common Shares in the open market, negotiated transactions, or otherwise and may also dispose of all or a portion of the Issuer’s securities, in open market or privately negotiated transactions, and/or enter into derivative transactions with institutional counterparties with respect to the Issuer’s securities, in each case, subject to limitations under applicable law or governing documents. The Reporting Persons have not yet determined which, if any, of the above courses of action they may ultimately take. The Reporting Persons’ future actions with regard to the Issuer are dependent on their evaluation of the factors listed above, circumstances affecting the Issuer in the future, including prospects of the Issuer, general market and economic conditions and other factors deemed relevant. The Reporting Persons reserve the right to determine in the future whether to change the purpose or purposes described above or whether to adopt plans or proposals of the type specified above or otherwise.
