PAG (investment firm)

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PAG
FormerlyPacific Alliance Group
TypePrivate Ownership
IndustryInvestment Management
Founded2002; 19 years ago (2002)
FoundersHorst Geicke
Chris Gradel
Katherine Yip
Anthony Miller
HeadquartersThree Pacific Place, 1 Queen's Road East, Hong Kong
Number of locations
10 offices in 10 countries[1][2]
Key people
Weijian Shan (Chairman and CEO)
Chris Gradel (CIO)
Jon-Paul Toppino (Group President)
Anthony Miller (CEO of PAG Japan)
ProductsHedge Funds
Real Estate
Private Equity
AUMUS$40 billion (2020)[3]
Number of employees
200+ (2020)[4]
Websitehttps://www.pag.com https://www.polymercapital.com

PAG is a global alternative investment firm that manages multiple asset classes, including private equity, real estate and hedge funds. With an AuM of over US$40 billion, it is one of the largest private investment firms in Asia.[5][6]

History[]

PAG was founded in 2002 by Horst Geicke, Chris Gradel and Katherine Yip.[7][8][9]

In March 2018, the Blackstone Group acquired a minority stake in PAG.[10][11]

In 2019, PAG formed Polymer Capital Management, a long/short equity hedge fund.[12]

Business overview[]

PAG is headquartered in Hong Kong with additional offices in Tokyo, Shanghai, Sydney, Seoul, Singapore, New York, Geneva, London and Mumbai.[1][2]

PAG has three main strategies, namely Absolute Returns, Real Estate and Private Equity.[13]

Absolute Returns[]

Fund[14] Vintage Year Committed Capital ($m)
PAG Asia Special Situations Fund 2011 USD 900
PAG Asia Loan Fund 2013 USD 1,500
PAG Asia Special Situations Fund II 2014 USD 1,375
PAG Asia Loan Fund II 2014 USD 800
PAG Asia Loan Fund III 2018 USD 950
PAG Asia Loan Fund IV 2020 USD 1,500

Real Estate[]

Fund[15] Vintage Year Committed Capital ($m)
Secured Capital Japan Real Estate Partners 2004 USD 126
Secured Capital Japan Real Residential Fund I 2004 USD 174
Secured Capital Japan Real Estate Partners II 2005 USD 176
Secured Capital Japan Real Estate Partners Asia 2006 USD 758
Secured Capital Japan Real Residential Fund II 2007 USD 132
Secured Capital Japan Real Estate Partners IV 2009 USD 535
Secured Capital Real Estate Partners V 2013 USD 1,500
PAG Real Estate Partners I 2016 USD 1,300
Secured Capital Real Estate Partners VI 2017 USD 1,900
PAG Real Estate Partners II 2019 USD 2,250
Secured Capital Real Estate Partners VII 2020 USD 2,750

Private Equity[]

Fund[14] Vintage Year Committed Capital ($m)
PAG Asia I 2012 USD 2,500
PAG Asia II 2016 USD 3,600
PAG Growth I 2018 USD 350
PAG Asia III 2018 USD 6,000
PAG Growth II 2021 USD 525

Notable Investments[]

Notable Deals[]

On 13 December 2013, PAG invested $250 million into theme park operator Universal Studios Japan. Other investors in the deal included Goldman Sachs, MBK Partners and Owl Creek.[16]

On 16 June 2014, TPG Capital, PAG and Ontario Teachers’ Pension Plan acquired DTZ from UGL Limited for an enterprise value of US$1.215 billion. On 11 May 2015, DTZ merged with Cushman & Wakefield in a $2 billion deal. On 2 August 2018, Cushman & Wakefield held an IPO and was listed on the New York Stock Exchange under the symbol “CWK”.[17][18][19]

On 27 June 2014, PAG acquired Commerzbank's Real Estate subsidiary in Japan including a EUR700 million ($954 million) Japanese mezzanine property loan portfolio.[20]

On 21 October 2014, PAG's Secured Capital announced sale of Pacific Century Place Marunouchi in Japan to Singapore's sovereign wealth fund, GIC for US$1.7 billion (S$2.2 billion).[21][22]

On 20 April 2016, Apex Technology and PAG acquired Lexmark for US$3.6 billion.[23][24]

On 11 April 2018, PAG and Joyson Electronics funded Key Safety Systems to successfully complete the acquisition of Air-Bag Maker, Takata for $1.588 billion. The combined company was rebranded Joyson Safety Systems.[25][26]

On 12 July 2019, PAG acquired Craveable Brands from Archer Capital for $450m.[27]

On 27 August 2020, PAG acquired a 51% stake in Edelweiss Wealth Management (EWM), the second largest non-bank wealth management business in India for US$300 million (INR 22 billion).[28]

On 19 November 2020, PAG signed an agreement to invest up to AUD150 million in Regional Express Airlines (REX) to support the launch of Rex's domestic jet operations scheduled to commence on 1 March 2021.[29][3]

In April 2021, PAG was merging Yingde Gases Group with Shanghai Baosteel Group, in preparation for a $10 billion offshore IPO.[30] During the same month, PAG and Aspex invested $60 million in Adrian Cheng's SPAC Artisan Acquisition.[31]

References[]

  1. ^ a b "Key offices". www.pag.com. Retrieved 11 January 2021.
  2. ^ a b Lee, Evelyn (2017-05-25). "PAG to open New York office – Exclusive". PERE. Retrieved 2021-02-24.
  3. ^ a b Hyman, Jeremy. "Baker McKenzie successfully acts for Rex in securing an investment from PAG of up to AUD 150 million to fund growth of Rex's domestic capital city services | Newsroom | Baker McKenzie". www.bakermckenzie.com. Retrieved 11 January 2021.
  4. ^ "PAG - Overview, Competitors, and Employees". Apollo.io.
  5. ^ "China's private equity champion on winning with the Chinese consumer". Fortune. Retrieved 2021-01-11.
  6. ^ "Private Equity Firms to Experience a New Evaluation System". S.J. Grand (in Galician). 2019-12-03. Retrieved 2021-01-11.
  7. ^ "INTERVIEW-UPDATE 1-Pacific Alliance plans $2 bln in China funds". Reuters. 2008-04-30. Retrieved 2021-01-11.
  8. ^ "Horst Geicke - Entrepreneur | Investor | Patron". Horst Geicke. Retrieved 2021-01-11.
  9. ^ Sun, Andrew (22 Oct 2014). "Women of our time - Katherine Yip". CPJobs.
  10. ^ "Blackstone Takes Minority Stake in Hong Kong's PAG". Mingtiandi. 2018-03-26. Retrieved 2021-01-11.
  11. ^ "Blackstone Acquires Minority Stake in PAG". Institutional Investor. Retrieved 2021-01-11.
  12. ^ "PAG Announces Launch of Polymer Capital Management | PAG". www.pag.com. Retrieved 2021-05-11.
  13. ^ "PAG Investor Profile: Portfolio & Exits | PitchBook". pitchbook.com. Retrieved 2021-02-24.
  14. ^ a b "PAG Capital | Palico". www.palico.com. Retrieved 2021-02-24.
  15. ^ "PAG Real Estate | Palico". www.palico.com. Retrieved 2021-02-24.
  16. ^ Reuters Staff (2013-12-13). "Asian buyout firm PAG invests $250 mln in Universal Studios Japan". Reuters. Retrieved 2021-01-12.
  17. ^ "UGL Closes on Sale of Real Estate Agency DTZ to TPG Group". Mingtiandi. 2014-11-07. Retrieved 2021-01-12.
  18. ^ "DTZ to acquire Cushman & Wakefield for $2 billion". Building Design + Construction. Retrieved 2021-01-12.
  19. ^ August 05, Betsy Kim |; PM, 2018 at 02:00. "Cushman & Wakefield Raises $765M in IPO". GlobeSt. Retrieved 2021-01-12.
  20. ^ Phillips, Michelle (2014-06-27). "PAG snaps up €700m Commerzbank loan book". PERE. Retrieved 2021-01-12.
  21. ^ Quah, Michelle (2014-10-21). "GIC sinks US$1.7b into Tokyo space". The Business Times. Retrieved 2021-01-12.
  22. ^ Venkat, Jake Maxwell Watts And P. R. (2014-10-21). "GIC Buys Tokyo Office Property for $1.7 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-12.
  23. ^ Wang, Christine (2016-04-19). "Lexmark agrees to be acquired by Apex Technology, PAG Asia Capital for $3.6B". CNBC. Retrieved 2021-01-12.
  24. ^ Tsang, Amie (2016-04-20). "Chinese Consortium Reaches Deal to Buy Lexmark (Published 2016)". The New York Times. ISSN 0362-4331. Retrieved 2021-01-12.
  25. ^ aftermarketNews Staff (2018-04-16). "Joyson And PAG Fund KSS To Acquire Air-Bag Maker Takata In Asset Deal". aftermarketNews. Retrieved 2021-01-12.
  26. ^ "Manufacturer Takata is taken over by Joyson and PAG funds". LunaJournal.biz. 2018-04-24. Retrieved 2021-01-12.
  27. ^ "Craveable Brands officially sold to PAG Asia Capital". QSR Media. Retrieved 2021-01-12.
  28. ^ Shah, Sneha; Barman, Arijit. "PAG to acquire 51% in wealth management, investment banking biz of Edelweiss for Rs 2,244 cr". The Economic Times. Retrieved 2021-01-12.
  29. ^ "Australia's Rex gears up to take on Qantas". Nikkei Asia. Retrieved 2021-01-12.
  30. ^ "EXCLUSIVE PAG plans $10 bln merger, offshore IPO of Chinese gases assets - sources". Reuters. 2021-04-23. Retrieved 2021-05-11.
  31. ^ "Asia Hedge Funds Join SPAC Craze in Race to Back Next Grab". Bloomberg.com. 2021-04-14. Retrieved 2021-05-11.

External links[]

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