PAG Raises $4 Billion for Asia Real Estate Fund With Japan Focus

PAG has raised $4 billion for an opportunistic real estate fund, surpassing its target as the Asia investment firm looks to double down on distressed assets in developed markets, primarily Japan.

The alternative asset manager’s 10th fund of its kind has secured an almost 90% commitment from existing backers, with its North American investors fully recommitting at 100%, President and Co-Founder Jon-Paul Toppino said in an interview. PAG originally targeted $3.5 billion.

Like its previous vintages, the new fund expects to allocate up to 70% of its capital to Japan, where Toppino has been investing since 1997. This long-standing presence ...