PAG (investment firm)
Formerly | Pacific Alliance Group |
---|---|
Type | Private Ownership |
Industry | Investment Management |
Founded | 2002 |
Founders | Horst Geicke Chris Gradel Katherine Yip Anthony Miller |
Headquarters | Three 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) |
Products | Hedge Funds Real Estate Private Equity |
AUM | US$40 billion (2020)[3] |
Number of employees | 200+ (2020)[4] |
Website | https://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[]
- ^ a b "Key offices". www.pag.com. Retrieved 11 January 2021.
- ^ a b Lee, Evelyn (2017-05-25). "PAG to open New York office – Exclusive". PERE. Retrieved 2021-02-24.
- ^ 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.
- ^ "PAG - Overview, Competitors, and Employees". Apollo.io.
- ^ "China's private equity champion on winning with the Chinese consumer". Fortune. Retrieved 2021-01-11.
- ^ "Private Equity Firms to Experience a New Evaluation System". S.J. Grand (in Galician). 2019-12-03. Retrieved 2021-01-11.
- ^ "INTERVIEW-UPDATE 1-Pacific Alliance plans $2 bln in China funds". Reuters. 2008-04-30. Retrieved 2021-01-11.
- ^ "Horst Geicke - Entrepreneur | Investor | Patron". Horst Geicke. Retrieved 2021-01-11.
- ^ Sun, Andrew (22 Oct 2014). "Women of our time - Katherine Yip". CPJobs.
- ^ "Blackstone Takes Minority Stake in Hong Kong's PAG". Mingtiandi. 2018-03-26. Retrieved 2021-01-11.
- ^ "Blackstone Acquires Minority Stake in PAG". Institutional Investor. Retrieved 2021-01-11.
- ^ "PAG Announces Launch of Polymer Capital Management | PAG". www.pag.com. Retrieved 2021-05-11.
- ^ "PAG Investor Profile: Portfolio & Exits | PitchBook". pitchbook.com. Retrieved 2021-02-24.
- ^ a b "PAG Capital | Palico". www.palico.com. Retrieved 2021-02-24.
- ^ "PAG Real Estate | Palico". www.palico.com. Retrieved 2021-02-24.
- ^ Reuters Staff (2013-12-13). "Asian buyout firm PAG invests $250 mln in Universal Studios Japan". Reuters. Retrieved 2021-01-12.
- ^ "UGL Closes on Sale of Real Estate Agency DTZ to TPG Group". Mingtiandi. 2014-11-07. Retrieved 2021-01-12.
- ^ "DTZ to acquire Cushman & Wakefield for $2 billion". Building Design + Construction. Retrieved 2021-01-12.
- ^ August 05, Betsy Kim |; PM, 2018 at 02:00. "Cushman & Wakefield Raises $765M in IPO". GlobeSt. Retrieved 2021-01-12.
- ^ Phillips, Michelle (2014-06-27). "PAG snaps up €700m Commerzbank loan book". PERE. Retrieved 2021-01-12.
- ^ Quah, Michelle (2014-10-21). "GIC sinks US$1.7b into Tokyo space". The Business Times. Retrieved 2021-01-12.
- ^ 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.
- ^ Wang, Christine (2016-04-19). "Lexmark agrees to be acquired by Apex Technology, PAG Asia Capital for $3.6B". CNBC. Retrieved 2021-01-12.
- ^ 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.
- ^ aftermarketNews Staff (2018-04-16). "Joyson And PAG Fund KSS To Acquire Air-Bag Maker Takata In Asset Deal". aftermarketNews. Retrieved 2021-01-12.
- ^ "Manufacturer Takata is taken over by Joyson and PAG funds". LunaJournal.biz. 2018-04-24. Retrieved 2021-01-12.
- ^ "Craveable Brands officially sold to PAG Asia Capital". QSR Media. Retrieved 2021-01-12.
- ^ 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.
- ^ "Australia's Rex gears up to take on Qantas". Nikkei Asia. Retrieved 2021-01-12.
- ^ "EXCLUSIVE PAG plans $10 bln merger, offshore IPO of Chinese gases assets - sources". Reuters. 2021-04-23. Retrieved 2021-05-11.
- ^ "Asia Hedge Funds Join SPAC Craze in Race to Back Next Grab". Bloomberg.com. 2021-04-14. Retrieved 2021-05-11.
External links[]
- Alternative investment management companies
- Private equity firms of Asia-Pacific