The California Public Employees’ Retirement System has committed $100 million to PAG’s latest $2.5 billion fund PAG Asia I, which is “nearing” its final close, a market source told PE Asia.
CalPERS joins fellow US pension fund, the California State Teachers’ Retirement System, as an LP in the fund.
The firm has been raising the fund for around 18 months and completed a first close in July last year on $1.7 billion, PE Asia reported earlier. The fund is sector agnostic but will target buyouts in the Asia-Pacific region. After the first close, chief executive of PAG Weijian Shan at the time said the firm expected a final close in the coming months.
Since launching the fund, PAG has already made a number of investments including a $250 million investment in Chinese healthcare business Bicon Pharmaceuticals and the $300 million backing of Haitong Securities' Hong Kong listing.
PAG chief executive Weijian Shan talked to sister publication PE Asia earlier this year about the firm's control-oriented approach in China.