PAG closes second Asian buyout fund at $3.6bn

The fund was oversubscribed, beating its $3bn target.

Hong Kong-based PAG Asia Capital announced the close of PAG Asia II LP, its second pan-Asia private equity buyout fund, on $3.6 billion.

The fund which was launched in May held only one closing in December as it was oversubscribed, the firm said.

The second fund will have the same strategy as the first, investing in major markets in Asia with a focus on buyout opportunities. 

PAG declined to comment on details of the fund.

In 2014, PAG together with TPG Capital and Ontario Teachers’ Pension Plan acquired Chicago-headquartered property services firm DTZ for $1.1 billion.

The first fund received capital from investors such as California Public Employees' Retirement System, New York State Teamsters Conference Pension and Retirement Fund, California State Teachers’ Retirement System, and the Producer-Writers Guild of America Pension Plan, according to PEI’s Research & Analytics division.

The firm’s first Asia fund closed in September 2012 at $2.5 billion and has been fully invested, according to a statement.

PAG is an alternative investment management firm with more than $15 billion in funds under management across private equity, real estate and absolute return strategies. It has offices in Hong Kong, Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen and New Delhi.