PAG is one of Asia’s largest independent alternative investment management groups. We focus on private equity, real estate, and absolute returns.

Our operations are supported by a robust infrastructure and commitment to best-in-class risk management, governance, and transparency.

PAG has an unparalleled local market presence and deep experience in the region. Our multi-strategy platform provides investors with a diverse array of funds and products. We also create funding and operational solutions for our investment partners and portfolio companies, across the capital structure and across Asia.

A committed and experienced investment partner

PAG brings deep regional expertise, focusing exclusively on investments in and around Asia. Our teams comprise experienced, on-the-ground decision-makers with deep knowledge of their local markets.

Our scope of funds and flexible, tailored funding solutions allow us to provide unique financing opportunities in all major asset classes. We value long-lasting relationships with investors.

As an independent partnership, PAG has consistently invested capital for quality returns, maintaining a strong track record across multiple economic cycles and changing conditions.

We attract and retain the most talented and experienced professionals in every market, combining local knowledge with a commitment to upholding global standards.


PAG is a diversified private equity firm with three major businesses: Absolute Return, which includes private debt and public market strategies; Real Estate investments; and Private Equity buyout and growth funds.

The roots of PAG date back more than two decades. PAG’s Absolute Return business evolved from Pacific Alliance Group, co-founded by Chris Gradel in 2002 as a multi-strategy hedge fund manager. PAG’s Real Estate business grew out of Secured Capital Japan, co-founded in 1997 by Jon-Paul Toppino, a pioneer in real estate and distressed asset investing in the Japan market. Weijian Shan founded PAG's Private Equity business in 2010 after a successful career leading deals with private equity firms TPG and Newbridge Capital.

In 2010, Chris Gradel played a pivotal role in bringing the three businesses together, with the goal of creating the leading diversified alternative investment firm in Asia. Each of the three founders continues to manage each of the three strategies. Today PAG manages US$40 billion in assets for more than 150 institutional investors from around the world.

The PAG logo


The PAG logo and fish symbol is inspired by the traditional Chinese matchstick game. The objective of the game is to make the fish swim in the opposite direction by moving just three matchsticks.

This inspiration reflects PAG’s focus on problem-solving and innovative solutions. It also suggests graph paper, an allusion to our analytical approach.

We also see the fish as a goldfish, a symbol of good fortune in many Asian cultures.



Weijian Shan

Group Chairman and Chief Executive Officer

Weijian Shan is chairman and CEO of PAG, a leading Asia-focused private equity firm. Prior to PAG, he was a partner of TPG, and co-managing partner of TPG Asia (formerly known as Newbridge Capital).

Over two decades, Weijian Shan has led a number of landmark transactions that have returned billions of dollars in profit to his firms’ investors. Previously, Shan was a managing director of JP Morgan, and an assistant professor at the Wharton School of the University of Pennsylvania. He holds an M.A. and a Ph.D. from the University of California, Berkeley, and an M.B.A. from the University of San Francisco. 

Shan is the author of Out of the Gobi: My Story of China and America (2019) and Money Games: The Inside Story of How American Dealmakers Saved Korea's Most Iconic Bank (2020). His articles and commentary have been published in the Financial Times, The New York Times, The Wall Street Journal, Foreign Affairs and many other publications.


Chris Gradel

Founding Partner
Chief Investment Officer, PAG Absolute Returns

PAG’s Absolute Returns business is led by Chris Gradel, who founded PAG in 2002.

Mr. Gradel has over 20 years of investment experience across Asia. Prior to founding PAG, Mr. Gradel led several investments for the Marmon Group in China and was an engagement manager for McKinsey & Co. based in Hong Kong.

Mr. Gradel has a master’s degree in engineering, economics and management from Oxford University.  He is a member of the board of trustees of the Standards Board for Alternative Investments (SBAI), the hedge fund industry’s global standard-setting body. Mr. Gradel is also a member of the investment committee of Oxford University Endowment Management and a Wykeham Fellow of New College, Oxford.

Jon-Paul Toppino

Group President
Managing Partner, PAG Real Estate

Mr. Toppino joined PAG Real Estate (formerly known as Secured Capital) in 1998 and is today responsible for overseeing all of PAG’s Pan-Asia real estate investments and operations. Under Mr. Toppino and the rest of the real estate team, PAG has acquired interests in more than 6,800 high-quality residential and commercial properties and loan assets with a value in excess of US$31 billion. Prior to 1998, Mr. Toppino was responsible for Secured Capital’s U.S. debt advisory business and oversaw over US$2 billion in transactions. He was also actively involved in Secured Capital’s U.S. and European acquisitions of non-performing loan and real estate portfolios including the acquisition of more than US$1 billion in non-performing loans and real properties in the United States and France.

Mr. Toppino holds a Bachelor of Science in economics from Florida International University in Miami, Florida. Mr. Toppino is a member of the Young Presidents Organization and serves on the Executive Committee of his chapter. He is a full member of the Urban Land Institute and serves on the Japan Council.

PAG uses cookies to run our site and improve its usability.
By using our site you agree to our use of cookies as outlined in our privacy policy