Hong-Kong based private equity firm PAG Asia Capital raises $3.66b for second buyout fund
Tuesday, January 05, 2016
(DealStreetAsia) – Hong-Kong based private equity firm PAG Asia Capital, run by former TPG executive Shan Weijian, said Tuesday that it had raised $3.66 billion for its second Asian buyout fund.
The company, which employs over 300 executives, across Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo, Singapore, Sydney, Seoul and Delhi, also disclosed the close of its second fund in a securities filing, and added that PAG Asia II LP fund would invest in major markets in the region.
The company had closed its first fund at $2.5 billion in 2011, and this vehicle has already returned $1.5 billion to investors, and has a gross internal rate of return of around 30 per cent, said a report in the Financial Times quoting Weijian.
According to the company’s website, it had $15 billion in funds under management, and has dedicated funds and teams focused on each strategy. Since 2002, PAG (whose other arms include PAG Real Estate run by Jon-Paul Topino, and PAG Absolute Returns that is overseen by by Chris Gradel) said it had invested $28 billion in markets across Asia.
The $103.4 billion Washington State Investment Board, Olympia, had committed up to $200 million to PAG’s second buyout fund in December.
