PAG is planning to raise up to $6 billion for its third fund dedicated to investing in Asia, according to Reuters. The Hong Kong-based investor joins a series of rivals who have either closed or are in the process of raising massive new funds focused on the region, including global giants like KKR and The Carlyle Group and regional players such as Baring Private Equity Asia.
After 2017 brought a banner year for private equity fundraising in the US, PAG's planned vehicle is the latest sign the dollars are crossing the Pacific in 2018.
The buyout vehicle is PAG's first since 2016, when it reportedly closed its second Asia vehicle on $3.66 billion. The firm was founded in 2002 by Weijian Shan, a former senior partner at TPG Capital, and now has more than $20 billion in AUM.