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HONG KONG — Asia-focused funding agency PAG is aiming to lift $9 billion in what can be its fourth and largest buyout fund, folks with information of the matter stated, including to the area’s considerable funding dry powder.
The Hong Kong-based agency has kicked off fundraising and a primary shut of the fund is predicted by mid-2022, the folks stated, declining to be recognized as the data was confidential.
PAG, which manages $45 billion in belongings, declined to remark.
Roughly two-thirds of its PE portfolio is in China and the brand new fundraising underscores sturdy funding curiosity within the nation regardless of an unprecedented regulatory crackdown on a spread of sectors from know-how to actual property to non-public tutoring.
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The fundraising can also be the newest in a slew by Asia-focused personal fairness companies this 12 months, as traders flush with capital search higher returns amid post-pandemic financial recoveries whereas profiting from low rates of interest.
PE-backed offers in Asia Pacific (together with Japan) for 2021 have already hit an annual file, with $187.6 billion carried out as of this week, Refinitiv information reveals.
Funds in Asia are additionally sitting on an unprecedented $654 billion of unspent capital, a 70% surge from the extent at mid-year, in line with information supplier Preqin.
Greater than 340 funds have raised $143 billion this 12 months, beating 2020’s whole quantity of $122 billion however beneath ranges of $250 billion or extra in 2016-2018, Preqin’s information confirmed.
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The common fund measurement this 12 months, at $416 million, is considerably increased than within the final 5 years, when ranges ranged between $150 million to $230 million.
Hillhouse Capital raised $18 billion within the area’s largest fund in August, a number of months after KKR & Co Inc raised $15 billion for its fourth pan-Asia fund, the information confirmed.
Hong Kong-based Baring Non-public Fairness Asia (BPEA) has reached the primary shut of a brand new fund concentrating on $8.5 billion and the ultimate measurement could possibly be elevated to $10 billion, two sources acquainted with the matter stated. BPEA declined to remark.
Different managers concentrating on larger funds embrace China’s Primavera Capital, Boyu Capital and FountainVest Capital Companions, Reuters has reported.
Led by Chinese language dealmaker Weijian Shan, PAG’s PE funds goal large-sized management, buyout and structured minority offers within the client, know-how, healthcare, monetary and enterprise providers sectors.
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PAG is planning to listing a merged entity https://www.reuters.com/enterprise/power/exclusive-pag-plans-10-bln-merger-offshore-ipo-chinese-gases-assets-sources-2021-04-23 of two Chinese language industrial gases portfolio corporations – Yingde Gases and Shanghai Baosteel Gases offshore, probably in Hong Kong. Their mixed valuation is estimated at greater than $10 billion, sources have stated.
It additionally not too long ago led a fundraising spherical https://www.reuters.com/article/wanda-property-fundraising-idUSL1N2QH0PE for Dalian Wanda Group’s industrial property administration unit, investing $2.8 billion forward of the unit’s Hong Kong itemizing, sources have stated.
In March, it purchased a controlling stake in Indian monetary providers agency Edelweiss Wealth Administration for $325 million and accomplished the acquisition of Australia-based workspace firm Unispace.
PAG raised $6 billion with its third fund in 2018 and $3.6 billion with its second fund in 2016. It additionally raised $525 million for a progress fund earlier this 12 months.
Portfolio companies additionally embrace U.S. printer maker Lexmark and auto security merchandise maker Joyson Security. (Reporting by Kane Wu; Enhancing by Sumeet Chatterjee and Edwina Gibbs)
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