PAG raises $900m for Asia special situations fund
PAG has raised $900 million for an Asia-focused distressed asset fund. It follows a wider trend of private equity assuming the special situations role traditionally occupied by hedge funds and debt- or equity-linked capital for companies in need of funding.
The fund falls under PAG's absolute returns strategy, which is the responsibility of Chris Gradel, PAG's founder and absolute returns managing partner.
PAG expanded its distressed debt team in 2009 when it recruited Anshumann Woodhull, Kanak Kapur, Anil Gorthy and Stuart Blieschke from Deutsche Bank's distressed products group, Reuters reported. The special situations vehicle will target pre-IPO financing, distressed debt, block trades and IPOs.
PAG's special situations business operates separately from its private equity business, headed by Weijian Shan, the former senior partner at TPG who is now chairman and CEO of PAG. The firm is currently raising a $2.5 billion buyout fund and reached a $1.7 billion first close in July.
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