Ares Private Markets Fund (APMF)

Diversification cannot ensure a profit or protect against loss.

Fund expects to offer investors limited quarterly liquidity through a tender offer process. Under normal market conditions, the Fund's investment adviser, Ares Capital Management II LLC (the "Adviser") expects to recommend that the Fund repurchase 5% of its outstanding shares of beneficial interest of the Fund ("Shares") at their net asset value (NAV). No assurance can be given that such tender offers will be approved by the Fund's Board of Trustees. If a tender offer is oversubscribed, investors may be subject to a pro rata reduction in the Shares ultimately repurchased by the Fund unless the Fund increases the size of the tender offer. All terms of each tender offer will be publicly disclosed.

Although the Shares will be registered under the Securities Act, the Shares will be sold only to persons or entities that are both “accredited investors,” as defined in Section 501(a) of Regulation D under the Securities Act, and “qualified clients,” as defined in Rule 205-3 under the Advisers Act. The qualifications required to invest in the Fund will appear in subscription documents that must be completed by each prospective investor.

Risks: An investment in Shares is speculative with a substantial risk of loss. The Fund and the Adviser do not guarantee any level of return or risk on investments and there can be no assurance that the Fund’s investment objective will be achieved. You should carefully consider these risks together with all of the other information contained in the Prospectus before making a decision to invest in the Fund. See the Prospectus for more detail on specific risks of the Fund. Investors should carefully consider investment objectives, risks, charges and expenses of the Fund. This and other important information is contained in the Fund's Prospectus, which can be obtained from a financial professional or by clicking here. The Prospectus should be read carefully before investing.

"Assets Under Management" as used herein is calculated as the sum of (1) the Fund's "Managed Assets" as of August 31, 2024, which is defined as the total assets of the Fund (including any assets attributable to any borrowings or other indebtedness) minus the Fund's liabilities other than liabilities relating to borrowings or other indebtedness, and (2) the amount of capital received from subscriptions effective October 1, 2024 ($109.0 million).

The stated minimum investment for Class I Shares may be reduced for certain investors.

Managed Assets –The total assets of the Fund (including any assets attributable to any borrowings or other indebtedness or preferred shares that may be issued) minus the Fund’s liabilities other than liabilities relating to borrowings or other indebtedness.

Before other expenses are deducted. Other Expenses exclude the Advisory Fee, Incentive Fee, any Distribution and Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales and extraordinary expenses, if any. The Expense Limitation Agreement (fee waiver) has a term ending on July 31, 2024, and the Adviser may extend the term for a period of one year on an annual basis, subject to the approval of the Board, including a majority of the Independent Trustees.

After other expenses are deducted. Other Expenses exclude the Advisory Fee, Incentive Fee, any Distribution and Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales and extraordinary expenses, if any. The Expense Limitation Agreement (fee waiver) has a term ending on July 31, 2024, and the Adviser may extend the term for a period of one year on an annual basis, subject to the approval of the Board, including a majority of the Independent Trustees.