PAG has closed its second growth fund, which makes middle-market investments – predominantly in China – that fall below the minimum check size for its pan-Asian vehicle at $525 million.
LPs include the Asian Development Bank (ADB), which said it would commit up to $50 million. The fund had a target of $500 million. PAG’s first growth vehicle, which closed at $350 million in 2018,...
SoftBank Vision Fund 2 is the largest participant in a KRW223.6 billion ($187 million) investment in Naver Z, the metaverse platform unit of Korean internet giant Naver Corporation.
Horizons Ventures, the private investment arm of Hong Kong billionaire Li Ka-Shing, has led a A$129 million ($92.3 million) Series B round for Australia’s Harrison.ai, a clinical artificial intelligence (AI) developer.
Airbus Ventures has led a $25 million Series B round for Australia’s Q-Ctrl, a quantum computing developer increasingly geared toward space tech and orbital infrastructure.
STIC Investments has led a KRW1 trillion ($840 million) investment in Iljin Materials, a Korean producer of electric foils used in lithium batteries and consumer electronics, to support the international expansion of its manufacturing footprint.