PAG
PAG is a Series C+, buyout and other fund in APAC, Greater China, Japan, Australia and India investing in Fintech, Healthcare, business-products-and-services, consumer-and-retail, technology, media-and-telecommunications, entertainment, education, real-estate and renewable-energy-infrastructure.
- Stages
- Series C+, buyout, other
- Sectors
- Fintech, Healthcare, business-products-and-services, consumer-and-retail, technology, media-and-telecommunications, entertainment, education, real-estate, renewable-energy-infrastructure
- Invests in
- APAC, Greater China, Japan, Australia, India
- Round role
- Leads rounds
- Actively investing
- Yes
- Founded
- 2002
- Assets under management
- $55B
- Website
- pag.com
Check size not disclosed
Thesis
PAG is a prominent alternative investment firm with a strong focus on the Asia-Pacific (APAC) region, managing over $55 billion in assets for nearly 300 institutional investors. The firm operates across three core strategies: Credit & Markets, Private Equity, and Real Assets. PAG's investment thesis is built upon deep regional expertise, leveraging on-the-ground teams for idea generation, risk underwriting, and sourcing off-market opportunities. They emphasize a partnership approach with management teams, driving value through active engagement, operational improvements, and strategic initiatives. PAG invests across a wide array of sectors including business products and services, consumer and retail, financial services, healthcare, technology, media, telecommunications, entertainment, and education. Their Real Assets strategy specifically targets opportunistic, core-plus, and value-add real estate (offices and multifamily in Japan) and renewable energy infrastructure. The Private Equity business focuses on large-scale control buyouts, structured minority deals, and growth capital investments, particularly in Greater China. PAG's geographic scope is primarily APAC, with key offices in Tokyo, Hong Kong, and Singapore, and significant activity in Japan, Australia, India, and Greater China. Their strategy is multi-faceted, encompassing public and private, equity and debt, corporate and asset-based opportunities, often acting as a lead investor. They utilize instruments like direct lending, convertible bonds, and asset-backed financing, supported by an active operating partner model. As of December 2025, PAG managed over $55 billion in AUM, with Private Equity at $21 billion, Real Assets at $13 billion, and Credit & Markets at $22 billion.
Common questions
Does PAG invest at the Series C+ stage?
Yes. PAG lists Series C+, buyout and other among the stages it invests in.
Where does PAG invest?
PAG invests in APAC, Greater China, Japan, Australia and India.