Blackstone-Backed PAG Seeks $2.5 Billion Asia Credit Fund (1)

PAG is seeking $2.5 billion for its latest Asia-Pacific direct lending fund, according to people with knowledge of the matter, tapping into growing investor demand for private credit.

The PAG Loan Fund VI is expected to hold its first close in the third quarter, said one of the people, who asked not to be identified discussing private information. While no firm target date has been set for the final close, it is expected to be within 12 months of the initial close, the person added. A Hong Kong-based PAG spokesperson declined to comment.

Private credit is booming worldwide, with companies ...