Hong Kong’s PAG closes APAC’s largest private credit fund at $2.6b
Tuesday, December 13, 2022
(DealStreetAsia by Simran Vaswani) – Hong Kong-headquartered alternative investment firm PAG has closed its fifth pan-Asian direct lending fund worth $2.6 billion, according to a company announcement on Tuesday.
The fund, dubbed PAG Loan Fund V, is the largest of its kind in Asia-Pacific to date, per the statement. It received capital commitments from 20 institutional investors, including sovereign wealth funds, pension funds, and endowments located in North America, Europe, the Middle-East, and Asia-Pacific.
DealStreetAsia reported in May last year that the firm was in the market to raise the fund. At the time, PAG mentioned the fundraising would not last more than a year without specifying a total offering amount.
PAG’s direct lending funds aim to provide financing solutions across the Asia-Pacific region. Direct lending funds typically cater to mid-market businesses that are not usually served by traditional banks.
Its predecessor fund, PAG Loan Fund IV, closed in 2020 with $1.5 billion in investor commitments.
