Simpson Thacher advised PAG Real Assets, the real assets business of Asia Pacific-based alternative investment manager PAG, in connection with the formation and fundraising of PAG Real Estate Partners III (PREP III), its third pan-Asian core-plus/value-add real estate fund. The target assets of the fund are primarily in the office sector, as well as select multifamily assets in Japan.
PREP III closed with strong support from 18 institutional investors from North America, Europe, Middle East and Asia Pacific, including major sovereign wealth funds, pension funds and endowments.
PAG is a leading alternative investment firm focused on Asia-Pacific with three core businesses: Credit & Markets, Private Equity, and Real Assets. With 12 key offices around the world, PAG manages more than US$50 billion in capital on behalf of 300 institutional fund investors, including some of the most sophisticated global asset allocators.
The Simpson Thacher team was led by Adam Furber and Michael Ceulen and included Peter Thomas, Richard Zhang, Ysabel Cubos, Li Jiang, Zhong Shi (Asia Private Funds), Jeanne Annarumma (ERISA), and Nancy Mehlman and Brian Mendick (U.S. tax).