Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Ares Partners Holdco LLC

2. Date of Event Requiring Statement (MM/DD/YYYY) 11/26/2018

3. Issuer Name and Ticker or Trading Symbol

Ares Management Corp [ARES]

(Last) (First) (Middle)

2000 AVENUE OF THE STARS, 12TH FLOOR

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director ___ X ___ 10% Owner
_____ Officer (give title below) _____ Other (specify below)

(Street)

LOS ANGELES, CA 90067

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	34434479	I	See footnotes ⁽¹⁾ ⁽⁶⁾ ⁽⁷⁾ ⁽⁸⁾
Class B Common Stock	1000	I	See footnotes ⁽²⁾ ⁽⁶⁾ ⁽⁷⁾ ⁽⁸⁾
Class C Common Stock	1	I	See footnotes ⁽³⁾ ⁽⁶⁾ ⁽⁷⁾ ⁽⁸⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Ares Operating Group Units	⁽⁴⁾	⁽⁴⁾	Class A Common Stock	117047394	⁽⁴⁾	I	See footnotes ⁽⁴⁾ ⁽⁵⁾ ⁽⁶⁾ ⁽⁷⁾ ⁽⁸⁾

Explanation of Responses:
(1)	The amount reported reflects an aggregate of 34,434,479 shares of Class A Common Stock held by Ares Owners Holdings L.P. ("AOH") on behalf of its limited partners.
(2)	Ares Management GP LLC ("Ares GP") is the holder of the Issuer's Class B common stock. Ares Partners Holdco LLC ("Ares Partners") is the sole member of Ares GP.
(3)	Ares Voting LLC ("Ares VoteCo") is the holder of the Issuer's Class C common stock. Ares Partners is the sole member of Ares VoteCo.
(4)	Pursuant to the terms of the Fourth Amended and Restated Exchange Agreement, dated as of November 26, 2018, among Ares Holdings Inc., Ares Holdco LLC, Ares Holdings L.P., Ares Investments L.P., AI Holdco LLC, Ares AI Holdings L.P., the Issuer, Ares Offshore Holdings L.P., AOF Holdco LLC, Ares Offshore Holdings, Ltd. and each Ares Operating Group Limited Partner (as defined in the Exchange Agreement), and certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG units") are exchangeable for shares of the Issuer's Class A common stock, $0.01 par value ("Class A Common Stock") on a one-for-one basis, subject to the following transfer restrictions: from and after the second anniversary date of the closing of the Issuer's initial public offering, up to 20% of the Class A Common Stock may be exchanged or transferred in each of the subsequent five years.
(5)	The amount reported reflects an aggregate of 117,047,394 AOG Units held by AOH on behalf of its limited partners.
(6)	The general partner of AOH is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal. Mr. Ressler generally has veto authority over decisions by Ares Partners' board of managers.
(7)	Each of Ares Partners, AOH, Ares GP and Ares VoteCo (collectively, the "Ares Entities") (other than with respect to AOH, Ares GP and Ares VoteCo with respect to the securities each holds directly), and the members of Ares Partners' board of managers and the other directors, officers, partners, stockholders, members and managers of the Ares Entities expressly disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein, and this Form 3 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.
(8)	The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Ares Partners Holdco LLC 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA 90067		X
ARES OWNERS HOLDINGS L.P. 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA 90067		X

Signatures
/s/ Naseem Sagati Aghili, Authorized Signatory of ARES PARTNERS HOLDCO LLC		12/6/2018
^** Signature of Reporting Person		Date
/s/ Naseem Sagati Aghili, Authorized Signatory of ARES PARTNERS HOLDCO LLC, general partner for ARES OWNERS HOLDINGS L.P.		12/6/2018
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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