Blackstone acquires minority stake in PAG

Blackstone has acquired a minority stake in Hong Kong-based PAG, one of the largest alternative investment firms in Asia. No financial terms were disclosed.

Blackstone’s investment was made from its Strategic Capital Holdings Fund, which is part of Blackstone Alternative Asset Management. The fund specializes in minority partnerships with top alternative asset managers.

Founded in 2002, PAG manages more than $20 billion in capital while Blackstone is managing more than $430 billion in assets, according to the latter firm.

Photo: A Chinese junk sails at Hong Kong’s Victoria Harbour February 12, 2004. Reuters/Kin Cheung