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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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FORM�8-K

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CURRENT REPORT
Pursuant to Section�13 or 15(d)�of the
Securities Exchange Act of 1934

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Date of report (Date of earliest event reported)�November�12, 2014

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ARES MANAGEMENT, L.P.

(Exact Name of Registrant as Specified in Charter)

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Registrant�s telephone number, including area code�(310) 201-4100

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(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form�8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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o Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)

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o Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)

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o Pre-commencement communications pursuant to Rule�14d-2(b)�under the Exchange Act (17 CFR 240.14d-2(b))

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o Pre-commencement communications pursuant to Rule�13e-4(c)�under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02 Results of Operations and Financial Condition.

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On November�12, 2014, the registrant issued a press release announcing its financial results for the quarter ended September�30, 2014. The text of the press release is included as Exhibit�99.1 to this Form�8-K.

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The information disclosed under this Item 2.02, including Exhibit�99.1 hereto, is being furnished and shall not be deemed �filed� for purposes of Section�18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

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Item 7.01 Regulation FD Disclosure.

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On November�12, 2014, the registrant issued a press release announcing the declaration of a second quarter dividend of $0.24 per common unit, payable on December�4, 2014 to common unitholders of record as of November�24, 2014. The text of the press release is included as Exhibit�99.1 to this Form�8-K.

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The information disclosed under this Item 7.01, including Exhibit�99.1 hereto, is being furnished and shall not be deemed �filed� for purposes of Section�18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

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Item 9.01 Financial Statements and Exhibits.

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(d)��������� Exhibits:

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit�Index

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Exhibit 99.1

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ARES MANAGEMENT, L.P. REPORTS THIRD QUARTER 2014 RESULTS

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LOS ANGELES -- Ares Management, L.P.� (�the Company,� �Ares,� �we,� and �our�) (NYSE: ARES) today reported its financial results for the quarter ended September�30, 2014.� As Ares was not a public company prior to its initial public offering (�IPO�), which closed on May�7, 2014, and the related reorganization, the financial results for the three months ended September�30, 2013 and for the nine months ended September�30, 2013 and 2014 reported herein include the results of our predecessor owners.

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�Growth in our fee related earnings and realized net performance fees has enabled us to notably increase our distribution to our unitholders in the third quarter compared to the second quarter,� commented Tony Ressler, Chief Executive Officer of Ares. �We expect our comprehensive and expanding offering, strong performance and global reach will lead to continued growth in our assets under management as investors seek differentiated alternative investment solutions.�

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Ares reported growth in both assets under management and fee earning assets under management of 14.0% and 6.4%, year over year, reaching $79.6 billion and $59.9 billion, respectively.

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�We had a solid third quarter, raising more than $3.8 billion in gross capital, and we remain well positioned to grow our earnings as we invest our significant amount of dry powder totaling $18.5 billion,� commented Michael Arougheti, President of Ares. �In addition to our organic growth, we hope to continue to expand our platform through strategic acquisitions in complementary areas that are attractive to our investors and accretive to our unitholders.�

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Economic net income for the three months ended September�30, 2014 was $72.1 million compared to $116.7 million for the third quarter of 2013.� The decline was primarily attributable to lower performance related earnings within the Tradable Credit Group, as third quarter fund performance was impacted by a decrease in fair values for certain funds in September�2014, which drove unrealized investment losses and reversals of unrealized performance fees.� Performance related earnings for the three months ended September�30, 2014 decreased by $33.8 million compared to the three months ended September�30, 2013.� In addition, fee related earnings for the Tradable Credit Group for the three months ended September�30, 2014 declined $11.2 million compared to the three months ended September�30, 2013 due to the one-time recognition of $13.9 million in previously deferred management fees in the third quarter of 2013.� Third quarter economic net income, net of income taxes, was $67.4 million, or $0.32 per unit. Economic net income for the nine months ended September�30, 2014 was $224.5 million, 1.8% lower compared to $228.7 million for the nine months ended September�30, 2013.

1� In this press release we refer to certain non-GAAP financial measures, including assets under management, fee earning assets under management, economic net income, fee related earnings, performance related earnings and distributable earnings.� The definitions and reconciliations of these measures to the most directly comparable GAAP measures, as well as an explanation of why we use these measures, are included in this press release.

2� Total units outstanding represents the sum of common units and Ares Operating Group Units, which are exchangeable for common units. See Exhibit�F for more details.

3� GAAP net income excludes income (loss) attributable to non-controlling and redeemable interests in Consolidated Funds.

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Distributable earnings were $65.3 million for the three months ended September�30, 2014 compared to $86.7 million for the three months ended September�30, 2013, primarily driven by: (i)�lower fee related earnings within the Tradable Credit Group of $23.5 million, a decrease of $11.2 million in the third quarter of 2014 compared to $34.7 million in the third quarter of 2013 that resulted from a one-time recognition of previously deferred management fees of $13.9 million in the third quarter of 2013; and (ii)�a decline in realized investment income within the Tradable Credit Group from $16.3 million in 2013 to $6.9 million in 2014. Distributable earnings were $168.2 million for the nine months ended September�30, 2014 compared to $217.2 million for the nine months ended September�30, 2013.

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For the third quarter, distributable earnings after applicable income taxes allocated to common unitholders were $21.1 million, or $0.26 per common unit, an increase of $0.08 per common unit compared to the second quarter of 2014. Ares declared a third quarter distribution of $0.24 per common unit payable on December�4, 2014 to common unitholders of record as of November�24, 2014.

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Ares has also provided additional information in its Third Quarter 2014 Earnings Presentation which can be viewed at www.aresmgmt.com under �Investor Resources � Presentations and Reports.�

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ARES MANAGEMENT, L.P.

Key Performance Metrics as of September�30, 2014

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Management Fee Revenue.�Management fee revenue declined 0.6% to $153.7 million for the three months ended September�30, 2014 compared to the same period in 2013.� Excluding the one-time recognition of previously deferred management fees of $13.9 million in the third quarter of 2013, management fee revenue increased 9.2% for the three months ended September�30, 2014 compared to the same period in 2013. This comparative growth in management fees was partially attributable to the expansion of the Real Estate Group equity platform, additional capital raises by ARCC and $3.2 million from new Tradable Credit Group alternative credit funds that were launched subsequent to the third quarter of 2013.

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Compensation and Benefits. Compensation and benefits increased by $9.6 million for the three months ended September�30, 2014 compared to the same period in 2013. The increase was attributable to merit-based increases and increased headcount, including additional professionals from the Keltic acquisition.

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General and Administrative Expenses. General and administrative expenses increased by $0.7 million to $25.6 million for the three months ended September�30, 2014 compared to the three months ended September�30, 2013, attributable to higher overhead costs related to an increase in headcount.

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Fee Related Earnings. FRE decreased $10.9 million, or 20.8%, to $41.2 million for the three months ended September�30, 2014 compared to the same period in 2013. Excluding the one-time recognition of previously deferred management fees of $13.9 million in the third quarter of 2013, FRE increased $3.0 million, or 7.9%, for the three months ended September�30, 2014 compared to the same period in 2013. The growth in FRE was partially attributable to an increase in FRE in the Real Estate Group of $6.6 million and was partially offset by higher compensation and benefits expenses.

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Performance Related Earnings. PRE was $30.8 million for the three months ended September�30, 2014 compared to $64.6 million for the same period in 2013. The decrease in PRE was primarily attributable to the decrease in net performance fees of $32.3 million and in net investment income of $1.5 million, due to the impact of a decline in market values for certain alternative credit funds in the Tradable Credit Group. The decline was partially offset by an increase in ARCC Part�II Fees within the Direct Lending Group during the three months ended September�30, 2014.

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Economic Net Income. ENI was $72.1 million for the three months ended September�30, 2014 compared to $116.7 million for the same period in 2013. The decrease in ENI was driven by declines in net performance fees of $32.3 million, in net investment income of $1.5 million and in FRE of $10.9 million, described above. ENI after provision for taxes was $67.4 million, or $0.32 per unit, for the third quarter of 2014. The blended effective tax rate on total ENI was 5.7% for the three months ended September�30, 2014.

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Distributable Earnings. Total distributable earnings decreased by $21.4 million to $65.3 million for the three months ended September�30, 2014 compared to the same period in 2013. This decrease was primarily due to the $10.9 million decrease in FRE described above and a $7.1 million decrease in realized investment income.

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Accrued Incentives Fees. Net accrued incentive fees as of September�30, 2014 decreased by $36.4 million to $166.5 million compared to $202.9 million as of September�30, 2013. The decrease in net accrued incentive fees was attributable to higher realization of previously accrued incentive fees in the Tradable Credit Group. The decrease was also due to a reversal of unrealized incentive fees for certain Tradable Credit funds due to a decline in market values during the third quarter of 2014.

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Assets Under Management

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(1)��������� Represents new commitments during the period, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as equity offerings by our publicly traded vehicles.

(2)��������� Represents the permanent reduction in leverage during the period.

(3)��������� Represents distributions and redemptions net of recallable amounts.

(4)��������� Includes fund net income, including interest income, realized and unrealized gains (losses), fees and expenses and the impact of foreign currency.

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Total AUM was $79.6 billion as of September�30, 2014, an increase of $378 million, or 0.5%, compared to total AUM of $79.2 billion as of June�30, 2014.� The increase in AUM was primarily due to $3.6 billion in net new commitments raised, which primarily consisted of (i)�$1.2 billion in debt commitments to the Tradable Credit Group�s leveraged loan funds, (ii)�$182 million in equity commitments to the Tradable Credit Group�s high yield funds, (iii)�$782 million in equity commitments to the Tradable Credit Group�s Alternative Credit funds, (iv)�$186 million in equity commitments to the Direct Lending Group�s funds and (v)�$754 million in equity commitments to the Real Estate Group�s funds.� The increase in AUM was partially offset by a capital reduction of $1.0 billion primarily in the Tradable Credit Group.� Distributions for the three months ended September�30, 2014 totaled $1.4 billion, of which $385 million was attributable to the Tradable Credit Group, $233 million was attributable to the Direct Lending Group, $20 million was attributable to the Private Equity Group and $729 million was attributable to the Real Estate Group. Change in Fund Value for the three months ended September�30, 2014 decreased $599 million, of which $542 million was attributable to the Tradable Credit Group�s European long-only loan funds and $276 million to the Direct Lending Group�s European funds due to foreign currency fluctuations. The decline was partially offset by an increase in fund value of $212 million attributed to ACOF III and ACOF IV within the Private Equity Group.

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For the twelve months ended September�30, 2014, AUM increased $9.8 billion to $79.6 billion, an increase of 14.0% compared to total AUM of $69.8 billion as of September�30, 2013.� The increase in AUM was primarily due to $19.1 billion of new commitments, which primarily consisted of (i)�$8.3 billion to the Tradable Credit Group�s leveraged loan funds ($1.7 billion in equity commitments and $6.6 billion in debt commitments), (ii)�$1.3 billion in equity commitments to the Tradable Credit Group�s high yield funds, (iii)�$2.6 billion in equity commitments to the Tradable Credit Group�s Alternative Credit funds, (iv)�$4.3 billion to the Direct Lending Group�s funds ($1.8 billion in equity commitments and $2.5 billion in debt commitments) and (v)�$2.5 billion to the Real Estate� Group�s funds ($1.1 billion in equity commitments and $1.3 billion in debt commitments). The increase in AUM was partially offset by capital reductions of $6.3 billion, of which $4.8 billion was attributable to the Tradable Credit Group.� Distributions for the twelve months ended September�30, 2014 totaled $5.7 billion, of which $1.9 billion was attributable to the Tradable Credit Group, $832 million was attributable to the Private Equity Group, $946 million was attributable to the Direct Lending Group and $2.1 billion was attributable to the Real Estate Group. Change in Fund Value for the twelve months ended September�30, 2014 increased $2.9 billion, of which $1.0 billion was attributable to the Real Estate Group, $893 million to the Private Equity Group, $888 million to the Direct Lending Group and $40 million to the Tradable Credit Group.

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Fee-Earning Assets Under Management

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Total Fee Earning Assets Under Management (�FEAUM�) was $59.9 billion as of September�30, 2014, an increase of $676 million, or 1.1%, compared to total FEAUM of $59.2 billion as of June�30, 2014.� The increase in FEAUM was primarily due to subscriptions / deployment / increase in leverage, which was mainly comprised of $582 million and $788 million in the Tradable Credit Group and the Direct Lending Group, respectively.� New commitments of $2.7 billion, primarily comprised of $1.7 billion in the Tradable Credit Group and $786 million in the Real Estate Group, further added to the increase in FEAUM.� Partially offsetting the increase in FEAUM were redemptions / distributions / decreases in leverage of $2.7 billion, primarily driven by $1.5 billion and $595 million in the Tradable Credit Group and Direct Lending Group, respectively.

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For the twelve months ended September�30, 2014, FEAUM increased $3.6 billion, or 6.4%, to $59.9 billion compared to total FEAUM of $56.3 billion as of September�30, 2013.� The increase in FEAUM was primarily due to: (i)�subscriptions / deployment / increase in leverage of $8.7 billion, which was mainly comprised of $4.3 billion in the Tradable Credit Group and $4.0 billion in the Direct Lending Group; and (ii)�commitments of $5.7 billion, which was mainly comprised of $2.9 billion in the Tradable Credit Group, $1.5 billion in the Real Estate Group and $1.2 billion in the Direct Lending Group. The increase in FEAUM was partially offset by redemptions / distributions / decrease in leverage of $11.9 billion, of which $7.7 billion was attributable to the Tradable Credit Group, $456 million was attributable to the Private Equity Group, $2.1 billion was attributable to the Direct Lending Group and $1.6 billion was attributable to the Real Estate Group.

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Incentive Generating AUM and Incentive Eligible AUM

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Total Incentive Generating AUM (�IGAUM�) was $21.5 billion as of September�30, 2014, an increase of $1.4 billion, or 6.8%, compared to total IGAUM of $20.2 billion as of June�30, 2014. The increase was primarily driven by the IGAUM within the Private Equity Group, which increased $2.0 billion due to ACOF IV exceeding its hurdle rate in the third quarter of 2014, as well as an increase within the Direct Lending Group driven by the growth of the ARCC portfolio which generated ARCC Part�II Fees.

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Total Incentive Eligible AUM (�IEAUM�) was $37.4 billion as of September�30, 2014, compared to $36.2 billion as of June�30, 2014.� Funds not yet contributing incentive fees as of September�30, 2014 primarily include Ares European Real Estate Fund III, Ares European Real Estate Fund IV, Ares Commercial Real Estate Corporation, Ares Special Situations Fund IV and Ares European Loan Opportunities Fund.

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IGAUM represented approximately 57.5% of Incentive Eligible AUM and incentive generating funds represented 53.8% of total incentive eligible funds, as of September 30, 2014.

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Available Capital and Assets Under Management Not Yet Earning Fees

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Total available capital was $18.5 billion as of September�30, 2014, a decrease of $0.5 billion, or 2.5%, compared to $19.0 billion as of June�30, 2014, as $3.6 billion of new capital raised was offset by $3.7 billion of capital invested and $0.5 billion of market value adjustments, primarily due to negative foreign currency translation. Additionally, $1.8 billion of capital raised during the third quarter was invested during the third quarter and $1.9 billion of capital was deployed, reducing available capital.

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Total AUM Not Yet Earnings Fees was $9.4 billion, a decrease of $0.8 billion, or 7.9%, compared to $10.2 billion as of June�30, 2014. The decline was due to a portion of new capital becoming fee-earning ($1.9 billion) and deployment of available capital. AUM Not Yet Earning Fees of $9.4 billion as of September�30, 2014 represents approximately $85.0 million in annual potential management fee revenue.(1)

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(1)��No assurance can be made that such results will be achieved.

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Results Excluding Consolidated Funds

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Net income of the Company excluding the effect of the Consolidated Funds for the three months ended September�30, 2014 was $41.1 million.

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Investment Capacity and Liquidity

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As of September�30, 2014, our cash and cash equivalents were $75.1 million, investments at fair value were $603.4 million, and net performance fees receivable were $166.5 million.� As of September�30, 2014, the Company had a $1.03 billion revolving credit facility with approximately $880.0 million in available capital.

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Distribution

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On November�12, 2014, the board of directors of our general partner declared a quarterly distribution of $0.24 per common unit to common unitholders of record at the close of business on November�24, 2014, payable on December�4, 2014.

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Recent Developments

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Conference Call and Webcast Information

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On Wednesday November�12, 2014, the Company invites all interested persons to attend its webcast/conference call at 12:00�p.m. (Eastern Time) to discuss its third quarter 2014 financial results.

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All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page�of the Investor Resources section of our website at http://www.aresmgmt.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing (888)-317-6003. International callers can access the conference call by dialing +1 (412)-317-6061. All callers will need to enter the Participant Elite Entry Number 4777249 followed by the # sign and reference �Ares Management, L.P.� once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through November�25, 2014 at 5:00�p.m. (Eastern Time) to domestic callers by dialing (877)-344-7529 and to international callers by dialing +1(412)-317-0088. For all replays, please reference conference number 10053309. An archived replay will also be available through November�25, 2014 on a webcast link located on the Home page�of the Investor Resources section of our website.

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About Ares Management, L.P.

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Ares is a leading global alternative asset manager with approximately $80 billion of assets under management and approximately 700 employees in more than 15 offices in the United States, Europe and Asia as of September�30, 2014. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.

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Forward-Looking Statements

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Statements included herein may constitute �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Management, L.P. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

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Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares.

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Available Information

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Ares Management, L.P.�s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.aresmgmt.com.� The contents of such website are not and should not be deemed to be incorporated by reference herein.

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Contact

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Ares Management, L.P.

Carl Drake
(800) 340-6597

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Appendix

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Exhibit�A.� Operating Segments as of September�30, 2014

($ in millions)

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Exhibit�B.� Segment Results

($ in thousands)

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As of and for the three months ended September�30, 2014:

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Exhibit�B.� Segment Results (continued)

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As of and for the three months ended September�30, 2013:

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Exhibit�B.� Segment Results (continued)

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As of and for the nine months ended September�30, 2014:

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Exhibit�B.� Segment Results (continued)

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As of and for the nine months ended September�30, 2013:

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