Kuwait invests in $6bn plan for new fund
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