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Hong Kong-headquartered alternative investment firm PAG has closed its fifth pan-Asian direct lending fund worth $2.6 billion, according to a company announcement on Tuesday.<\/span><\/p>\n The fund, dubbed PAG Loan Fund V, is the largest of its kind in Asia-Pacific to date, per the statement. It received capital commitments from 20 institutional investors, including sovereign wealth funds, pension funds, and endowments located in North America, Europe, the Middle-East, and Asia-Pacific.<\/span><\/p>\n DealStreetAsia<\/span><\/a> reported in May last year that the firm was in the market to raise the fund. At the time, PAG mentioned the fundraising would not last more than a year without specifying a total offering amount. <\/span><\/p>\n PAG’s direct lending funds aim to provide financing solutions across the Asia-Pacific region. Direct lending funds typically cater to mid-market businesses that are not usually served by traditional banks. <\/span><\/p>\n Its predecessor fund, PAG Loan Fund IV, closed in 2020 with $1.5 billion in investor commitments.<\/span><\/p>\n PAG focuses on the APAC region, investing across private equity, private debt, hedge funds, and real estate. The firm has more than $50 billion in assets under management. It was co-founded 20 years ago by Weijian Shan, Chris Gradel, and Jon-Paul Toppino.<\/span><\/p>\n In August this year, PAG was reported to be <\/span>delaying<\/span><\/a> its $2-billion Hong Kong IPO after filing for it earlier in <\/span>March<\/span><\/a>, citing stock market volatility. However, it said it could push forward with its IPO plans if markets were to improve in the short term. <\/span><\/p>\n