Private-equity firm Ares Management said on Monday it had acquired a $3.5 billion specialty finance loan portfolio from PacWest Bancorp.

Over the past month, PacWest has also sold its real estate lending unit and a huge chunk of its real estate loans.

Shares of the bank were up 2.4% at $7.23 in premarket trading.

(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)