News Summary

• Michael Arougheti bought a stake in the MLB’s Baltimore Orioles with two of his colleagues at Ares Management.
• The move let him join the ultra-exclusive ranks of pro sports owners.
• The Orioles purchase came as the latest signal of Ares’ rapid ascendance in the alternative asset sector, alongside familiar giants Carlyle, KKR, and Apollo.
• The five insist that they function as a single braintrust, with everyone besides the Europe-based Jacobson working out of the side-by-side offices in New York.