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Private equity moves in: alternative asset giants remake the S&P 500

As of May 2026: Taken private on December 10, 2025; shares no longer trade on Nasdaq and the firm has left the S&P SmallCap 600.

Before the market opened on December 11, Ares Management — a private-credit powerhouse with nearly $600 billion under management — slid into the S&P 500, replacing Kellanova. Kellanova completed its $35.9 billion sale to Mars that day.

Updated May 10