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PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21. It operates in the alternative asset management sector, which comprises asset classes such as private debt, private equity, venture capital, real estate, infrastructure and hedge funds. As of Dec 21, it had US$21bn AUM in Credit & Markets, US$17bn in Private Equity and US$9bn in Real Assets.
PAG’s past growth has been strong, with the company reporting over 40% YoY growth in FY20 on the back of higher performance fees. However, going forward it plans to change the amount of performance fees that will be due to PAG shareholders. This will likely result in overall revenue growth being slower than what has been reported during the track record.
In addition, bulk of the earnings will be taken home by the employees, leaving just the management income flowing through to its shareholders, which is dependent solely on AUM growth. This at a time when two of its three strategies have failed to report much AUM growth over the past few years.
PAG Pre-IPO
PAG aims to raise around US$2bn via its Hong Kong IPO.PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21. It operates in the alternative asset management sector, which comprises asset classes such as private debt, private equity, venture capital, real estate, infrastructure and hedge funds. As of Dec 21, it had US$21bn AUM in Credit & Markets, US$17bn in Private Equity and US$9bn in Real Assets.
PAG’s past growth has been strong, with the company reporting over 40% YoY growth in FY20 on the back of higher performance fees. However, going forward it plans to change the amount of performance fees that will be due to PAG shareholders. This will likely result in overall revenue growth being slower than what has been reported during the track record.
In addition, bulk of the earnings will be taken home by the employees, leaving just the management income flowing through to its shareholders, which is dependent solely on AUM growth. This at a time when two of its three strategies have failed to report much AUM growth over the past few years.
Underlying
PAG
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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