Asia-focused investment firm PAG is aiming to raise US$9 billion in what would be its fourth and largest buyout fund, people with knowledge of the matter said, adding to the region's abundant investment dry powder.
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The Hong Kong-based firm has kicked off fundraising and a first close of the fund is expected by mid-2022, the people said, declining to be identified as the information was confidential.
PAG, which manages US$45 billion in assets, declined to comment.
Roughly two-thirds of its PE portfolio is in China and the new fundraising underscores robust investment interest in the country despite an unprecedented regulatory crackdown on a range of sectors from technology to real estate to private tutoring.
The fundraising is also the latest in a slew by Asia-focused private equity firms this year, as investors flush with capital seek better returns amid post-pandemic economic recoveries while taking advantage of low interest rates.
PE-backed deals in Asia Pacific (including Japan) for 2021 have already hit an annual record, with US$187.6 billion done as of this week, Refinitiv data shows.
Funds in Asia are also sitting on an unprecedented US$654 billion of unspent capital, a 70per cent surge from the level at mid-year, according to data provider Preqin.