Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets.

The funding was led by Ares Management with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital.

Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and New Zealand by the end of the year.

The company also said founding Chief Executive Tom McAlpin will now be the chairman of its board. He will be succeeded by President and Chief Experience Officer Nirmal Saverimuttu.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)