PAG plans to step up investment in Japan, targeting real estate divestments by listed companies amid rising governance pressure, Nikkei reported Thursday.
The firm aims to deploy about $11 billion to $12 billion over the next three to four years across property, private equity and other assets, after reaching roughly halfway on an earlier $7 billion plan, according to the report.
Cofounder Jon-Paul Toppino said shareholder activism and proposed governance revisions by Japan's Financial Services Agency are prompting companies to reassess balance sheets, creating acquisition opportunities, the report said.
PAG, which manages about $55 billion of assets across the Asia-Pacific region, has invested in assets including USJ and Huis Ten Bosch, and partnered with KKR to acquire Sapporo Real Estate, owner of Yebisu Garden Place in Tokyo, according to the report.
The group plans to allocate about 70% of capital from a new $2.5 billion Asia real estate fund and an existing vehicle to Japan, focusing on offices, housing, hotels, data centers and renewable energy, the report said.
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