PAG Raises $940 Million for Chinese Property Debt Bargains (1)

PAG Holdings Ltd. raised $940 million for a fund focusing on opportunities emerging from China’s real estate bond rout, according to a draft prospectus for the company’s initial public offering.

The Asian investment firm gathered an amount nearly twice its initial target in the four months through February. The new fund seeks to “take advantage of the unprecedented dislocation in Chinese real estate bonds and tight liquidity environment in the Chinese real estate sector,” a document filed to the Hong Kong stock exchange late Friday said.

PAG last year joined peers including Jason Brown’s Arkkan Capital to raise money for ...