Kuwait in­vests in $6bn plan for new fund

Arabian Business English - - SPOTLIGHT -

Hong Kong-based pri­vate eq­uity firm PAG has raised $6bn for a new fund, it was re­ported, cit­ing sev­eral uniden­ti­fied peo­ple with knowl­edge of the mat­ter.

PAG’s new fund was largely raised from US pen­sion funds as well as back­ing from the sov­er­eign wealth funds of Kuwait and Sin­ga­pore, the re­port said.

PAG’s chair­man and CEO Shan Wei­jian has a world­wide man­date, but fo­cuses mainly on Asia, es­pe­cially China, ac­cord­ing to the re­port.

Kuwait In­vest­ment Author­ity (KIA) is one of the world’s big­gest sov­er­eign funds with as­sets es­ti­mated at $592bn, ac­cord­ing to the Sov­er­eign Wealth Fund In­sti­tute. It is also among the old­est SWFs in the world, and traces its roots to the Kuwait In­vest­ment Board, which was es­tab­lished in 1953.

Shan Wei­jian, chair­man of PAG

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