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Ares Management Corp. is exploring a potential deal for real estate investment firm GLP Capital Partners Ltd., which could rank as one of the biggest combinations in the alternative asset management industry in recent years, people with knowledge of the matter said.

The Los Angeles-based firm is in talks on a possible merger with GCP’s operations outside China, some of the people said, asking not to be identified because the information is private. That would add around $66 billion of assets under management spread across Japan, Southeast Asia, Europe, the US and Brazil, according to one of the people.