PAG

PAG, founded in 2002 and formerly known as Pacific Alliance Group, is a prominent alternative investment management firm based in Hong Kong, with additional offices across Asia, Australia, the United Kingdom, and Switzerland. The firm specializes in growth capital, private equity, real estate, and absolute return strategies. Its private equity division, PAG Asia Capital, focuses on large-scale buyouts, control deals, and structured minority investments. In real estate, PAG manages opportunity and core plus funds that invest in properties throughout Japan, China, and the Asia-Pacific region. The absolute return segment emphasizes building long-term partnerships by offering flexible financing solutions to address both short-term and long-term funding needs. PAG predominantly invests in sectors such as financials, healthcare, information technology, media, telecommunications, education services, and diversified financial services, with an interest in acquiring minority stakes in companies, particularly in China.

Derek Crane

Group Chief Operating Officer

Vivian Deng

Associate, Investor Relations

Chris Gradel

Founder and Chief Investment Officer of Absolute Returns

Hirohisa Hirayama

Managing Director

Theresa Jones

Managing Director, Real Estate

David Kim

Partner and Chief Operating Officer

Phi Q. Le

Partner and Managing Director

Jon Lewis

Partner and Group General Counsel

Helen Li

Managing Director, Investor Relations

Hui Liu

Managing Partner

David McGrath

Executive Director, Investor Relations

Anthony Murray Miller

Partner and Chief Executive Officer

Tim Morrison

Executive Director of Communications

Naoya Nakata

Managing Director

Niklas Schelander

Group Head of Investor Relations

Weijian Shan

Chief Executive Officer and Managing Partner

Broderick Storie

Partner and Managing Director, Real Estate

Jon-Paul Toppino

Group President and Managing Partner

Anshumann Woodhull

Managing Director

35 past transactions

Regional Express Holdings is an Australian airline.

Prenetics

Post in 2022
Prenetics is a genetic and diagnostic health testing company that leverages DNA sequencing technology to help individuals identify health risks. Founded in 2009 and headquartered in Quarry Bay, Hong Kong, Prenetics empowers users with insights into how their genetics influence diet, drug responses, and disease risks, enabling proactive health management. The company operates two primary brands, CircleDNA in Asia and DNAFit, offering services such as a digital coaching app and the ONEdna screening test, which provides actionable recommendations based on genetic analysis. Additionally, Prenetics specializes in pharmacogenomics through its iGenes PGx test, which aids healthcare providers in determining the most suitable medications and dosages for patients based on their genetic profiles, particularly for cardiovascular and psychiatric conditions. The company has formed strategic partnerships with The Lippo Group and New Horizon Health Limited.

NMS Group S.p.A.

Private Equity Round in 2022
NMS Group S.p.A. is an Italian company based in Nerviano that specializes in the discovery and development of oncology drugs. The organization offers a range of research and development services, including preclinical research, clinical development, and manufacturing services. NMS Group aims to provide both local and international markets with active ingredients and finished drugs specifically in the field of oncology, contributing to advancements in cancer treatment.

Inceptio Technology

Series B in 2021
Inceptio Technology (Shanghai) Co., Ltd. is an autonomous trucking start-up based in Jiangxi, China, founded in 2018. The company specializes in transforming line-haul logistics through a nationwide freight network that employs autonomous heavy-duty trucks. By leveraging artificial intelligence, new energy technology, and logistics big data, Inceptio Technology aims to enhance the security, efficiency, and cost-effectiveness of transportation services for logistics customers. Its focus on providing transportation-as-a-service positions it to meet the evolving needs of the logistics industry while promoting safer and more efficient freight solutions.

Acme Formulation

Acquisition in 2021
Acme Formulation is engaged in the manufacturing of research-based Pharmaceutical products and has emerged as a leading third-party manufacturer in the Domestic and International markets. It is a state-of-the-art manufacturing facility dedicated to producing Oral Solid Dosage including tablets/capsules/ oral contraceptives with a capacity of 3.5 billion tablets and 0.5 billion capsules per annum.

Mobvista

Debt Financing in 2021
As a leading global mobile content distribution platform, Mobvista specializes in mobile advertising and game publishing. Today, Mobvista operates a worldwide mobile ad network, integrates ad spots from apps and websites covering 236 countries and receives more than 10 billion daily impressions. Founded in 2013, Mobvista has successfully developed billions of overseas users for thousands of clients. Besides, many mobile games have achieved significant success in Southeast Asia.

Naixuecha

Series C in 2020
Chennai snow tea is well-known tea brand, was founded in 2015 and headquartered in Shenzhen City, Guangdong Province, part of Shenzhen Goods Road Restaurant Management Limited . Innovate to create a "tea + soft European package" form, with young women aged 20-35 as the main customer group, insist on changing the tea base every 4 hours, and the soft European package does not stay overnight. Naixue's tea insists on providing modern people with a good life experience of "a cup of good tea and a soft oval", and hopes to become a promoter of Chinese tea to the world. In December 2017, Nai Xue's tea started to go out of Guangdong area, expand to the whole country, and officially opened the "National Urban Development Plan". As of February 2020, Nei Xue's tea has been distributed in more than 50 cities across the country, with a total of 349 stores. All stores are directly operated and do not join in any form. In March 2018, Nei Xue completed the A+ round of investment, with a valuation of 6 billion yuan, becoming the first unicorn in the tea industry in public information.
Regional Express Holdings is an Australian airline.

Anjan Drug

Acquisition in 2020
Anjan Drug is a manufacturers of unique Active Pharmaceutical Ingredients (API).

Edelweiss Broking

Acquisition in 2020
Edelweiss Private Wealth Management is one of the wealth management firms in India. Its approach is to understand the financial needs of customers and recommend investment options in a super simple manner. Its customers invest and trade in all major asset classes like Equity, Derivatives, Currencies, Mutual Funds, Gold ETFs, IPOs. It was founded in 2009 and is headquartered in Mumbai, India.

Akouos

Series B in 2020
Akouos is a biotechnology company focusing on restoring and preserving hearing. The company leverages adeno-associated viral (AAV) vector-based gene therapy in order to restore and preserve hearing in genetically-defined patient populations in a range of forms, from a single genetic mutation to ototoxic drug exposure and to the aging process, enabling the healthcare industry to treat sensorineural hearing loss in an efficient manner.

BioRay Pharmaceutical

Private Equity Round in 2019
BioRay Pharmaceutical is a commercial-stage biopharmaceutical company based in China, specializing in the discovery, development, manufacturing, and commercialization of medicines for immune-mediated diseases and cancer. Established in 2003 as part of Hisun Pharmaceutical, BioRay has emerged as a key player in China's biopharmaceutical sector. The company gained significant investment in 2019 when a leading private equity firm acquired control, marking one of the largest investments in Asia's biotechnology landscape. With over 1,000 employees, BioRay is dedicated to providing innovative treatments to patients suffering from immune-mediated diseases such as rheumatoid arthritis. The company operates three R&D and manufacturing centers in Taizhou and Hangzhou, China, and San Diego, USA, with a robust manufacturing capacity and comprehensive R&D capabilities. BioRay is currently advancing more than fifteen clinical programs and has established a strong commercial presence in China, where it markets three products.

Craveable brands.

Acquisition in 2019
Craveable Brands Limited, through its subsidiaries, operates quick service restaurants in Australia and internationally. It owns, develops, operates, manages, and franchises restaurants under the Red Rooster; Chicken Treat; and Oporto brand name. Craveable Brands Limited was formerly known as Quick Service Restaurant Group Pty Limited. The company was incorporated in 2011 and is headquartered in Chatswood, Australia.

Alphamab Oncology

Series B in 2019
Alphamab Oncology is a clinical-stage biopharmaceutical company based in Suzhou, China, specializing in the research, development, manufacture, and commercialization of innovative cancer therapeutics. The company has a diverse product pipeline that includes KN046, a bispecific monoclonal antibody immune checkpoint inhibitor currently in Phase II trials, targeting PD-L1 and CTLA-4. Another key candidate is KN026, a next-generation bispecific antibody targeting human epidermal growth factor receptor 2, also in Phase II trials. Additionally, the pipeline features KN019, a CTLA-4-based immunosuppressant fusion protein with applications in both oncology and autoimmune diseases, and KN035, an injectable PD-L1 inhibitor undergoing Phase II pivotal clinical trials for specific solid tumors and Phase III trials for biliary tract cancer. Founded in 2008, Alphamab Oncology aims to address unmet medical needs with its proprietary platforms in bispecifics, protein engineering, and antibody screening.

Alphamab Oncology

Series A in 2018
Alphamab Oncology is a clinical-stage biopharmaceutical company based in Suzhou, China, specializing in the research, development, manufacture, and commercialization of innovative cancer therapeutics. The company has a diverse product pipeline that includes KN046, a bispecific monoclonal antibody immune checkpoint inhibitor currently in Phase II trials, targeting PD-L1 and CTLA-4. Another key candidate is KN026, a next-generation bispecific antibody targeting human epidermal growth factor receptor 2, also in Phase II trials. Additionally, the pipeline features KN019, a CTLA-4-based immunosuppressant fusion protein with applications in both oncology and autoimmune diseases, and KN035, an injectable PD-L1 inhibitor undergoing Phase II pivotal clinical trials for specific solid tumors and Phase III trials for biliary tract cancer. Founded in 2008, Alphamab Oncology aims to address unmet medical needs with its proprietary platforms in bispecifics, protein engineering, and antibody screening.

Chezhibao

Series D in 2018
Jiangsu Chezhibao Information Technology Co., Ltd. operates a second-hand car cross-regional trading platform in China. Its data-driven second-hand car trading platform offers vehicle assessment, online pricing, financial, and logistics products. The company was founded in 2012 and is based in Nanjing, China with branches in Nanjing, Suzhou, Wuxi, Hangzhou, Shenzhen, Chengdu, Chongqing, Changsha, Beijing, Xi'an, Zhengzhou, Wuhan, Qingdao, Changzhou, and Shanghai, China.

Shengxinbao

Series B in 2018
Chongqing Shengxinbao Technology Co., Ltd. operates an online car dealership. The firm was founded in 2014 and is headquartered in Chongqing, China.

Carzone

Private Equity Round in 2018
Jiangsu Kangzhong Shiye Investment operates a retail chain, Carzone, that deals in and retails automotive post-market parts. The company was founded in 1995 and is based in Nanjing, China.

Zhenai

Acquisition in 2017
Zhenai Inc. owns and operates an internet portal which offers integrated internet and telephone matchmaking services to single population who are looking for long-term relationships. Its enables its members to create their own personal profiles, search or browse for member profiles, and communicate with members. The company was founded in 2005 and is headquartered in Shenzhen, China.

Dashu Finance

Series C in 2017
Dashu Finance, officially known as Shenzhen Qianhai Dashu Financial Service Co., Ltd., is a financial services company established in 2014 and headquartered in Shenzhen, China. It specializes in providing unsecured credit loans to small and micro-business owners, facilitating access to essential financing options. The company connects these business owners with institutional investors, offering a range of loan types including education, corporate credit, rent, and car loans. Through its services, Dashu Finance aims to support the financial needs of entrepreneurs and enhance their growth opportunities in a competitive market.

Dadao Financial

Series B in 2017
Dadao provides financing services for people involved in second-hand property transactions. Its products include Jiaoyibao, a real estate insurance product guaranteeing the safety of assets during transactions, and Jishidai, which provides fast mortgage loans for as little as in three days. The company has partnered with a number of banks including China Construction Bank, China Everbright Bank, and China CITIC Bank to provide the financial services. It currently has 11 offices in Guangzhou, Shanghai, Nanjing and Zhengzhou.

Chezhibao

Series C in 2017
Jiangsu Chezhibao Information Technology Co., Ltd. operates a second-hand car cross-regional trading platform in China. Its data-driven second-hand car trading platform offers vehicle assessment, online pricing, financial, and logistics products. The company was founded in 2012 and is based in Nanjing, China with branches in Nanjing, Suzhou, Wuxi, Hangzhou, Shenzhen, Chengdu, Chongqing, Changsha, Beijing, Xi'an, Zhengzhou, Wuhan, Qingdao, Changzhou, and Shanghai, China.

Yingde Gases

Private Equity Round in 2017
Yingde Gases Group Company Limited (Yingde Gases) is a large-scale and professional company, dedicating to the national development of industrial gases. The major businesses of us are on-site gas supply, retailed gas distribution, specialized production of industrial gases like Oxygen, Nitrogen, Argon and some specialty gases. Their customers are mainly from iron and steel, chemical, non-ferrous metals, electronics, energy industries. Yingde Gases was established in October 2001. After 10 years of development, it has become the largest gas service company in China. Yingde Gases (Stock Code: 02168.HK) was listed on the main board of Hong Kong Stock Exchange on 8th October, 2009.The Company stock became the constituents of the Hang Seng Composite Index(HSCI) ,the Hang Seng Mainland 100 on 8th March,2010 and that of the Morgan Stanley Capital International (MSCI) China Index in November 2011.

Food Union Group

Private Equity Round in 2017
Food Union unites the best food companies from all over the world. We respect the heritage of our companies, traditions of their motherland and legendary brands they have created. Combining that heritage with our innovative and creative business approach we introduce the best European brands to the world, and bring the European quality of ice cream and dairy industry to every continent.

The Cheesecake Shop

Acquisition in 2017
The Cheesecake Shop Pty Ltd, founded in 1991 and based in Villawood, Australia, operates a franchise network of bakeries across Australia, New Zealand, the United Kingdom, and Poland. Specializing in a wide variety of baked goods, the company offers a range of products including baked and continental cheesecakes, mud cakes, tortes, gateaux, and customized celebration cakes. Additionally, The Cheesecake Shop provides desserts, gift cards, helium balloons, and candles. The company also sells its products online, ensuring accessibility for customers seeking high-quality, hand-crafted confections.

Paradise Group

Private Equity Round in 2016
Paradise Group is a restaurant operator based in Singapore, managing over 60 outlets across various locations, including major markets such as China, Japan, and Indonesia, as well as in the UK, Malaysia, Dubai, the Philippines, Myanmar, and Taiwan. The group specializes in Chinese cuisine through multiple dining concepts, alongside a Thai dining offering. By providing a diverse range of gourmet menus, Paradise Group caters to different pricing points and culinary preferences, appealing to a broad customer base in the Asian dining market.

Dadao Financial

Series A in 2015
Dadao provides financing services for people involved in second-hand property transactions. Its products include Jiaoyibao, a real estate insurance product guaranteeing the safety of assets during transactions, and Jishidai, which provides fast mortgage loans for as little as in three days. The company has partnered with a number of banks including China Construction Bank, China Everbright Bank, and China CITIC Bank to provide the financial services. It currently has 11 offices in Guangzhou, Shanghai, Nanjing and Zhengzhou.

Dashu Finance

Series B in 2015
Dashu Finance, officially known as Shenzhen Qianhai Dashu Financial Service Co., Ltd., is a financial services company established in 2014 and headquartered in Shenzhen, China. It specializes in providing unsecured credit loans to small and micro-business owners, facilitating access to essential financing options. The company connects these business owners with institutional investors, offering a range of loan types including education, corporate credit, rent, and car loans. Through its services, Dashu Finance aims to support the financial needs of entrepreneurs and enhance their growth opportunities in a competitive market.

Young Toys

Acquisition in 2015
A South Korean children's toy maker

Universal Studios Japan

Private Equity Round in 2013
Opened in 2001, Universal Studios Japan was the first of Universal’s theme parks to open outside of the U.S. It lost money and was rescued in 2004 by Gumpel.

Cosmic Color

Seed Round in 2013
COSMIC COLOR (코스믹칼라) is a Korean company offering web and mobile shopping solutions. One of its products, Wooparupa, is an app that combines targeted advertising and entertainment to entice shoppers.

Bicon Pharmaceutical

Private Equity Round in 2012
Bicon Pharmaceutical is a large-scale pharmaceutical enterprise group with integrated businesses covering pharmaceutical raw materials, Chinese patent medicines, chemicals, biological agents, vaccine R&D, production and marketing. The production base of Bicon Pharmaceutical covers an area of 7.33 hectares and has the largest monomer workshop in Asia that meets the good manufacturing practice (GMP) standard. It has a sterilization space of 32,500 square meters and 15 production lines of tablets, capsules, soft capsules, granules, ointment, oral solution, syrup, large-volume injections, small-volume injections, and other products. The annual production capacity of the base is more than RMB 6 billion. The company also operates a herbal medicine extraction workshop of 5,000 square meters with an annual extraction capacity of 8,000 tons. Bicon Pharmaceutical was founded in 1997 and became a foreign-owned enterprise owned by Hong Kong Bicon International with a registered capital of RMB 937 million.