UAE Eyes Western Investors' Holdings in Hong Kong's PAG Fund
Under the proposed arrangement, ADIA would extend offers to purchase investors' interests in PAG funds at reduced rates.
Abu Dhabi's sovereign wealth fund is eyeing discounted stakes held by Western investors in funds managed by Hong Kong-based PAG, sources told the Financial Times.
PAG, an alternative investment firm overseeing assets exceeding $55 billion, boasts a diverse investor base, including state pension funds in prominent US states like California, Texas, Florida, and Iowa, alongside investment funds spanning Canada, Australia, and Europe. Notably, The Blackstone Group acquired a minority share in 2018.
This initiative by the Abu Dhabi Investment Authority (ADIA) signifies a growing trend among Gulf investors seeking opportunities amid a shift in US investor sentiment away from China.
Under the proposed arrangement, ADIA would extend offers to purchase investors' interests in PAG funds at reduced rates. According to the FT report, the buyout firm facilitated the transaction, which gives investors the option of selling their holdings.
