April 29, 2026
NEW YORK – April 29, 2026 – Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that funds led by its Infrastructure Opportunities strategy (“Ares”) have acquired a 32.4% stake in the Rover Pipeline (“Rover”) from funds managed by Blackstone Energy Transition Partners (“Blackstone”).
Rover is a large-scale natural gas transmission pipeline that provides critical connectivity from the Appalachian Basin to high-value end markets across North America. The asset’s footprint spans approximately 700 miles across Pennsylvania, West Virginia, Ohio and Michigan, with transportation capacity of 3.425 Bcf/d that is substantially contracted under long-term agreements with high-quality counterparties. Blackstone acquired its interest in Rover in 2017, supporting the pipeline’s development and completion in 2018. The asset is operated by an affiliate of Energy Transfer LP, a leading North American midstream energy company.
The transaction further diversifies Ares Infrastructure Opportunities’ portfolio of critical energy infrastructure assets and enhances its ability to support the long-term, reliable supply of cost-competitive energy to high-growth markets in North America. Ares Infrastructure Opportunities expects to help further advance Rover’s essential role in providing long-haul takeaway capacity from the Appalachian Basin, the largest natural gas-producing region in the United States, to demand centers nationwide.
“Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion,” said Anthony Omokha, Managing Director in Ares Infrastructure Opportunities. “Sitting at the intersection of three of the most powerful trends reshaping North American energy markets – the unprecedented growth in U.S. power demand, rising global need for American LNG and the reshoring of domestic manufacturing – we believe that Rover is well positioned to deliver value over the long term.”
“We are proud to have supported the development and construction of Rover, which delivers affordable, reliable, American natural gas to key Midwestern markets,” said David Foley, Global Head of Blackstone Energy Transition Partners. “As the need for U.S. natural gas continues to grow – driven by electrification, AI-related power generation and LNG exports – assets like Rover play an increasingly important role in connecting domestic supply to demand markets. We also thank Energy Transfer for their partnership and the strong, reliable management of Rover during our investment.”
Kirkland & Ellis acted as legal counsel to Ares in connection with the transaction. RBC Capital Markets and Greenhill & Co., a Mizuho affiliate, served as financial advisors and Vinson & Elkins acted as legal counsel to Blackstone.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation’s global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
Media Contacts
Ares
Jacob Silber | Brennan O’Toole
[email protected]
Blackstone
Jennifer Heath
[email protected]