Shan Weijian, one of private equity’s most successful dealmakers in Asia, has raised more than $1.7bn for a new fund focused on China at a time of increased scepticism about such investments in the country.
The announcement of the first close of PAG Asia I, expected on Tuesday, is a huge personal endorsement for Mr Shan, formerly of TPG and associated with some of the most lucrative deals completed in Asia by the US private equity group.
PAG Asia I, raised for Pacific Alliance, the Hong Kong-based investment firm of which Mr Shan is chairman and chief executive, may also have benefited from tightening credit conditions and a loss of investor appetite for new China-related listings.
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