PAG is a private asset manager for institutional investors. We do not provide investment advice or services for individual retail investors. We do not solicit or contact individual investors via chat, text or social messaging applications.

PAG invests in a socially responsible way to maximize returns for our investors while minimizing risks. We take an integrated, analytical approach to ESG issues to achieve positive impact on our investments and create sustainable, long-term value.


PAG’s commitment to socially responsible and environmentally sound investment management is guided by the following principles:

Risk-focused approach

ESG factors are an essential consideration when evaluating and managing investment risk.

Systematic application

ESG risks and opportunities are assessed as integral parts of a structured and disciplined investment process.

Tailored solutions

PAG recognizes that each investment is unique in terms of specific asset class, time horizon, and degree of control, and can and will require its own appropriate, practical approach to ESG issues.

Long-term thinking

Our goal is to work with our investees to manage ESG risks and realize ESG opportunities throughout the investment cycle and beyond to ensure lasting change.


We are committed to sharing ESG processes and information with investee companies, investors, and other stakeholders, and providing ESG training to all PAG employees.


We encourage dialogue with our investors, investees and industry groups to drive the improvement of ESG outcomes in ways that are consistent with our stakeholders’ objectives.


We adhere to the highest standards of professional conduct.

Investment approach

Each PAG investment undergoes a rigorous due diligence process and is supported by a thorough business plan and strategy. Identifying and mitigating ESG issues is an integral part of this effort. Common ESG diligence workstreams include environmental impact assessments, compliance and control policy reviews, human capital policy and practice assessments, and ESG improvement plan creation. PAG endeavors to avoid material environmental, social or governance risk in its investments.

Each of PAG’s three investment strategies – Private Equity, Real Assets, and Credit & Markets – has developed specific procedures and tools to implement this policy. Across the group, PAG has established an ESG Minimum Assessment Protocol to ensure a robust base level of ESG risk assessment. This protocol applies across all investments made by every Strategy and is enforced by each Strategy’s Investment Review Committee (IRC).1

ESG Minimum Assessment Protocol

Deal team due diligence

  • Assessment of potential risk using in-house ESG tools
  • Desk study executed by external specialists as needed
  • In case of significant risk factors, external specialists engaged to provide additional advice on the investment

ESG risk screening

  • PAG Compliance screens for potential ESG risk
  • Investee entities, affiliates, directors and key personnel checked across Dow Jones Risk Database as well as by undertaking third-party counterparty reviews
  • Screening criteria include adverse media coverage, potential sanctions, regulatory, financial or labor issues, other official lists/ exclusions

IRC Escalation

  • Any potential issues flagged in the Database screening escalated to Investment Review Committee (IRC)
  • Compliance and deal teams re-review due diligence results for potential ESG risk

Funding checklist

  • Any ESG risk findings noted by Compliance in IRC funding checklists
  • All matters to be discussed by IRC before funding

1 In PAG’s Real Assets strategy, this entity is referred to as the Investment Committee (“IC”).

Transparency &


PAG became a signatory to the United Nations-supported Principles of Responsible Investment (PRI) in 2021. We are actively participating in PRI benchmarking and are evaluating opportunities to apply PRI principles in the course of our investment process.



PAG Real Assets is a participant in GRESB, the global ESG benchmark for real assets, committed to assessing and enhancing environmental, social and governance standards across its portfolio of properties.

In addition, PAG prepares reports on ESG activities undertaken by our portfolio companies for our limited partners.



PAG Private Equity is a General Partner participant in the ESG Data Convergence Initiative. This initiative aims to standardize a set of ESG metrics for comparative reporting in the private market.