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At Ares Management's analyst day last month, the alternative asset manager quietly bumped up its three-year fundraising targets by 25%.

CEO Michael Arougheti told CNBC the change was due to better-than-expected momentum among individual, wealthy investors.

A recent survey by State Street found that the "retail revolution" will drive more than half of the private market flows in the next few years, a seismic shift from traditional sources of fundraising, which historically comprised institutional inve

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