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PAG jumps hard cap to raise $3.66 bln for Fund II

  • Firm: PAG
  • Fund: PAG Asia II
  • Target: $3 bln
  • Hard cap: $3.5 bln
  • Amount Raised: $3.66 bln
  • Placement Agent: Park Hill Group
  • Legal Counsel: N/A

PAG hurdled over its hard cap to raise $3.66 billion for its second flagship private equity fund, according to a Form D filed with the SEC on Dec. 29.

The filing likely represents a final close. The firm did not respond to a request for comment.

The firm set a $3 billion target with a $3.5 billion hard cap for PAG Asia II, Washington State Investment Board spokesman Chris Phillips said in an email. Washington committed up to $200 million to the fund at its December 17-18 meeting.

Park Hill Group acted as a placement agent for Fund II.

At $3.66 billion, PAG II is more than $1 billion larger than the firm’s debut private equity fund, a $2.5 billion 2012 vintage fund. PAG Asia I netted a 16.8 percent internal rate of return and 1.3x multiple as of June 30, according to the California Public Employees’ Retirement System.

PAG was founded in 2002. Its private equity team is primarily known for its investments in large scale buyouts, having recently acquired real estate service provider Cassidy Turley for a reported $1.1 billion earlier this year. PAG was part of an investor consortium that included TPG and Ontario Teachers’ Pension Plan.

The firm can also pursue smaller control and minority investments, in addition to managing separate investment platforms for absolute return and real estate strategies. Its private equity team is led by Managing Partner Weijian Shan, a former TPG and Newbridge Capital executive.

PAG maintains offices in Hong Kong, Beijing, Shanghai, Shenzhen, Tokyo, Sydney, Seoul and Singapore. The firm has approximately $15 billion of capital under management.

Action Item: To learn more about PAG, visit its website at www.pagasia.com

Photo courtesy of Reuters