Blackstone Group has taken a passive minority stake in Hong Kong-based alternative investment firm PAG via its Strategic Capital Holdings Fund.
PAG, founded in 2002, manages more than $20 billion in private equity, absolute return, and real estate strategies, according to a Blackstone statement Monday. Terms of the deal were not disclosed.
Blackstone's Strategic Capital Holdings Fund, which specializes in minority partnerships with alternative investment firms, is part of the firm's $75 billion Blackstone Alternative Asset Management business. The Strategic Capital Holdings Fund manages $3.3 billion.
"As a diversified asset manager operating in an attractive region, we believe PAG is well positioned for growth," said Scott Soussa, head of BAAM's Strategic Capital Group, in the statement.
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