Plainfield Direct Inc. Invests in New Middle-Market Credit Fund

GREENWICH, Conn.--(Business Wire)--Plainfield Direct Inc. is pleased to announce its investment in
Ivy Hill Middle Market Credit Fund, Ltd., a new middle market credit
fund with $400 million of committed capital at closing. Plainfield
Direct, a fund managed by Plainfield Asset Management LLC, is among
the lead investors in the junior capital of Ivy Hill.

Ivy Hill will be managed by Ivy Hill Asset Management, L.P., a
wholly owned subsidiary of Ares Capital Corporation (NASDAQ: ARCC).
Ares and Plainfield expect the Fund will be an active purchaser of
first lien and second lien bank debt of middle market companies.
Plainfield Asset Management, the investment advisor to Plainfield
Direct, will be part of Ivy Hill Asset Management's transaction
committee. Ivy Hill will seek to partner with banks and other agents,
while providing support to critical sponsor relationships, to provide
investments generally ranging from $5 million to $15 million as part
of larger financing solutions.

"We are very excited to be partnering with our longtime friends at
Plainfield as well as the additional investors in Ivy Hill" commented
Ares Capital president Michael Arougheti. "We believe the fund is well
positioned to take advantage of attractive opportunities in the
current market for senior debt in middle market companies."

"We are very enthusiastic about working with our colleagues at
Ares Capital on this important venture" remarked Gregg Bresner of
Plainfield. "Given our collective experience investing across the
capital structure, we believe Ivy Hill will distinguish itself as a
key player in the middle-market."

About Plainfield:

Based in Greenwich, Connecticut, Plainfield Direct Inc. is an
externally managed, non-diversified closed-end management investment
company regulated as a business development company under the
Investment Company Act of 1940. Plainfield Direct specializes in
providing a broad array of financing solutions to middle-market
companies in the United States. Plainfield Asset Management LLC is an
investment advisor registered with the United States Securities and
Exchange Commission. Plainfield Asset Management manages in excess of
$4 billion of investment capital for institutions and high net worth
individuals based in the United States and abroad. The firm was
founded in February 2005 by Max Holmes and launched the Plainfield
Special Situations Master Fund in May 2005 and Plainfield Direct in
April 2006.

About Ares Capital Corporation:

Ares Capital Corporation is a specialty finance company that is a
closed-end, non-diversified management investment company regulated as
a business development company under the Investment Company Act of
1940. Its investment objective is to generate both current income and
capital appreciation through debt and equity investments. Ares Capital
Corporation invests primarily in first and second lien senior loans
and mezzanine debt, which in some cases includes an equity component,
and, to a lesser extent, in equity investments in private U.S. middle
market companies.

Forward-Looking Statements

Statements included herein may constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. These statements are not guarantees of
future performance or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors,
including those described from time to time in any filings with the
United States Securities and Exchange Commission. The companies
undertake no duty to update any forward-looking statements made
herein.

Plainfield Asset Management LLC
Georges Holzberger, 203-302-1740
georges.holzberger@pfam.com

Copyright Business Wire 2008