FORTUNE — Ares Management this afternoon filed for an IPO, setting it up to be the first private equity firm to go public since The Carlyle Group (CG) did so back in May 2012. The filing suggests that the Los Angeles-based firm plans to raise $100 million, but that is almost certainly a placeholder that will later be replaced with a much larger figure.
For 2013, Ares reports $306 million in net economic income, a metric favored by publicly-traded private equity firms that don’t believe GAAP accounting best explains their financial performance. In terms of more traditional financials, Ares reports $873 million in 2013 revenue — including $517 million in management fees and $176 million in performance fees — compared to $1.26 billion in 2012 revenue.
Other publicly-traded alternative investment firms include Carlyle, Apollo Global Management (APO), The Blackstone Group (BX) and Kohlberg Kravis Roberts & Co. (KKR). Each of those firms has more assets under management than does Ares.
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