UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ARES PRIVATE MARKETS FUND

(Name of Issuer)

Class I Shares, par value $0.001 per share

(Title of Class of Securities)

04020B103

(CUSIP Number)

Ian Fitzgerald

c/o Ares Capital Management II LLC

245 Park Avenue

44^th Floor

New York, NY 10167

(212) 750-7300

with a copy to:

Philippa Bond, P.C.

Kirkland & Ellis LLP

2049 Century Park East

37th Floor

Los Angeles, CA 90067

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 1, 2022
____________________________________________
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Page 10

This statement on Schedule 13D (the “Schedule 13D”) relates to Class I Shares (“Class I Shares”) of Ares Private Markets Fund (the “Issuer” or “Fund”), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. The principal executive office of the Fund is located at 245 Park Avenue, 44th Floor, New York, NY 10167.

a)            This Schedule 13D is being filed jointly by the following (collectively, the “Reporting Persons”):

(i) Ares Capital Management II LLC (“Ares Capital”);

(ii) Ares Investments Holdings LLC (“Ares Investments”);

(iii) Ares Holdings L.P. (“Ares Holdings”);

(iv) Ares Holdco LLC (“Ares Holdco”);

(v) Ares Management Corporation (“Ares Management”);

(vi) Ares Voting LLC (“Ares Voting”);

(vii) Ares Partners Holdco LLC (“Ares Partners”); and

(viii) Ares Management GP LLC (“Ares Management GP”).

Page 11

On February 24, 2022, in order to comply with Section 14(a)(1) of the Investment Company Act, Ares Investments, an affiliate of Ares Capital, provided the initial seed investment in the Fund by acquiring 4,000 Class I Shares for $100,000, or $25.00 per share (the “Seed Investment”). The funds used to purchase the shares of Issuer’s Class I Shares in the above transaction were from existing available operating capital of Ares Investments, and none of the consideration for such shares was represented by borrowed funds.

On April 1, 2022, Ares Holdings purchased an additional 3,000,000 Class I Shares funded by existing available operating capital of Ares Holdings. None of the consideration for such shares was represented by borrowed funds.

The reported securities were acquired solely for investment purposes.

The Reporting Persons and their respective representatives have engaged and/or may engage, from time to time, in discussions with the Issuer’s board of trustees (the “Board”), including any special committees of the Board, and/or their respective advisors, regarding, among other things, the Issuer’s business, strategies, management, governance, operations, personnel, performance, financial matters, capital structure, corporate expenses, status of projects, hedging, environmental, health and safety matters and strategic and other transactions (including transactions involving one or more of the Reporting Persons and/or their respective affiliates and/or portfolio companies and/or other stockholders or creditors of the Issuer), and have engaged and/or intend to, from time to time, engage in discussions with other current or prospective holders of Class I Shares and/or other equity, debt, notes, instruments or securities, or rights convertible into or exchangeable or exercisable for Class I Shares or such other equity, debt, notes, instruments or securities, of the Issuer (collectively, “Securities”), industry analysts, research analysts, rating agencies, existing or potential strategic partners of the Issuer, acquirers or competitors, financial sponsors, investment firms, investment professionals, capital and potential capital sources (including co-investors), operators, financial, and other consultants and advisors and other third parties regarding such matters (in each case, including with respect to providing or potentially providing capital to the Issuer or to existing or potential strategic partners or acquirers of the Issuer) as well as other matters. These discussions have encompassed, and/or the Reporting Persons expect will encompass, a broad range of matters relating to the Issuer, including, among other things, the Issuer’s business, operations, finances, management, organizational documents, ownership, capital and corporate structure, dividend policy, corporate governance, the Board and committees thereof, management and director incentive programs, strategic alternatives and transactions, including the sale of the Issuer, its Securities or one or more of its subsidiaries or their respective businesses or assets or a business combination or other strategic transaction involving the Issuer or one or more of its subsidiaries, and any regulatory or legal filings, clearances, approvals or waivers relating to the foregoing. The Reporting Persons may exchange information with the Issuer or other persons or entities pursuant to confidentiality or similar agreements and may enter into expense reimbursement agreements with the Issuer and others.

Page 12

The Reporting Persons intend to review their investment in the Issuer on an ongoing basis. Depending on various factors, including the outcome of any discussions referenced above, the Issuer’s business, financial position, results, strategic direction or prospects or any strategic alternatives or transactions, price levels of one or more Securities, other investment opportunities available to the Reporting Persons, the available capital of the Reporting Persons, the respective portfolio management considerations (including investment horizons) of the Reporting Persons, conditions in the securities, loan or bond markets, factors relating to COVID-19 and other potential pandemics, general economic or industry conditions or any changes in law or regulations, the Reporting Persons expect that they will seek to dispose, or cause to be disposed (including, without limitation, distributing some or all of the Class I Shares to certain of the Reporting Persons’ respective members, partners, stockholders and/or beneficiaries, as applicable), some or all of the Class I Shares beneficially owned by them, in the public market, in privately negotiated transactions or otherwise, pledging their interest in their Class I Shares as a means of obtaining liquidity or as credit support for loans or other extensions of credit, or entering into derivatives transactions and other agreements or instruments that decrease the Reporting Persons’ economic exposure with respect to their investment in the Issuer.

The information set forth in Item 3 hereof is incorporated herein by reference.

Page 13

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: April 11, 2022

Page 14