The Abu Dhabi Investment Authority (ADIA) has offered to buy stakes in funds managed by Hong Kong-based PAG from investors at a discount, according to a Financial Times report on Tuesday.
The offer from ADIA is a sign of how some Gulf investors are looking to seize such deals at a lower price as US-based investors cut back on their China exposure, the report said citing multiple sources.
PAG declined to comment when reached out by DealStreetAsia.
PAG is one of Asia’s largest private equity firms, managing more than $55 billion in assets. In 2018, Blackstone acquired a minority stake in the firm.
In January, PAG received $100 million in fresh commitments from the Teacher Retirement System of Texas for its latest real estate opportunistic fund, DealStreetAsia reported.
PAG had raised roughly $3 billion for its new fund at the beginning of this year, according to the report. Its original target for the fund was $9 billion, which it had slashed to $6 billion last year given a grim fundraising environment.
The Hong Kong private equity firm filed for a $2-billion initial public offering in 2022 in a deal that would have valued it at up to $15 billion, but the listing was last reported to have been delayed amid stock market volatility.
Over the last couple of years, PAG has done a number of large scale deals in China, including investments in multinational conglomerate Dalian Wanda’s shopping mall operator, Zhuhai Wanda, and online video platform IQIYI.
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