PAG

PAG was formed in its current multi-strategy iteration in 2010, bringing together three distinct businesses under a single brand: a credit and markets business founded by Chris Gradel in 2002, a real estate business (Secured Capital Japan) co-founded by Jon-Paul Toppino in 1997, and a private equity business established by Weijian Shan in 2010. Formerly known as Pacific Alliance Group, the firm rebranded to PAG in 2011 and has since grown into one of the largest private investment firms in Asia. In 2018, Blackstone Group acquired a minority stake in the firm, and in 2019, PAG expanded its hedge fund offerings by forming Polymer Capital Management.

The firm operates three primary investment pillars: Private Equity, Real Assets, and Credit & Markets. Its flagship private equity vehicles include PAG Asia Capital and PAG Growth Capital. PAG has been active in large-scale regional transactions, ranging from theme parks in Japan to wealth management in India and food consumer goods in Australia. While the firm filed for a $2 billion Hong Kong IPO in 2022, the listing was subsequently delayed due to market conditions. Recently, the firm has continued to expand its real estate footprint, raising a $4 billion Asia-focused fund in 2025 with a significant focus on Japan.