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PAG Asia Buyout Fund Raises $1.7B

PAG Asia Capital’s pan-Asia private equity buyout fund has raised $1.7 billion at its first close.

PAG Asia Capital’s pan-Asia private equity buyout fund has raised $1.7 billion at its first close, Financial Times reports. The PAG Asia I fund, which formally started fund-raising in November 2010, is expected to raise $2.5 billion in a few of months.

The fund, which will primarily focus on investments in China and has a pan Asia mandate, is launched for Pacific Alliance, a Hong Kong-based investment firm. While fund-raising, PAG Asia Capital has signed deals to invest over $700 million in retail, insurance, hotel and entertainment industries in and around China, adds Reuters.

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