PAG Nets US$1.5B For Distressed Fund

Hong Kong alternative investments firm PAG has raised US$1.5 billion for a new distressed opportunities vehicle.

The fund, raised by the firm's real-estate business, will focus on distressed real-estate and debt investments in Asia. It has already closed 11 deals since fundraising began two years ago.

PAG's Secured Capital division had targeted just US$1 billion for the fund, which is managed from Japan.