PAG is setting up a China fund to lure domestic capital and is considering establishing another that will cater to demand from investors outside of North America, according to people familiar with the matter.
Asia’s biggest alternative asset manager raised about 3 billion yuan ($413 million) for its first yuan-denominated fund with money from local governments and affiliates in Jiangsu province, the people said, asking not to be identified discussing private information. PAG is also considering raising up to $1 billion to accommodate interest from non-North American investors looking for specific China exposure for a separate fund, the people said.
