PAG raises $6bn

The Hong Kong-based private equity firm has held a final close on its third Asia-focused buyout vehicle.

PAG has closed its PAG Asia III at $6 billion, surpassing its initial fundraising target of $4.5 billion. The fund will follow the same strategy as PAG’s previous vehicle, focusing on buyouts in Australia, China, India, Japan, South Korea and South-East Asia.

The firm’s predecessor vehicle, PAG Asia II, was closed in December 2015 at $3.6 billion.