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August 8, 2023

PAG Closes USD1.8 Billion PREP III Real Assets Fund

8 August 2023 – PAG Real Assets (PAG RA), the real assets business of Asia Pacific-based alternative investment manager PAG, has announced the close of PAG Real Estate Partners Fund III (PREP III), at a total of USD1.8 billion in capital commitments.

PREP III, the third fund in PAG RA’s series of core-plus/value added vehicles, is the largest such fund raised in the Asia-Pacific region year-to-date, according to data from Preqin. 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.

“We are very grateful for the support from our investors on the close of PREP III,” says Broderick Storie, partner at PAG and co-head of PAG Real Assets. “While each of our key Asia-Pacific markets is different, current conditions in the region are creating a strong pipeline of opportunities for our local teams. We see this fundraising as a validation of our successful approach to investing in real assets in the region, particularly in the office sector which is our focus.”

PREP III aims to generate attractive risk-adjusted returns by focusing on key gateway cities across Asia-Pacific where PAG RA has a demonstrated track record, including Auckland, Hong Kong, Seoul, Singapore, Sydney, and Tokyo.


About PAG
PAG is a leading alternative investment firm focused on Asia-Pacific with three core businesses: Credit & Markets, Private Equity, and Real Assets. Founded in 1997 as Secured Capital Japan, PAG Real Assets has invested USD40 billion in more than 7,400 properties across the Asia-Pacific region. 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. For more information, please visit

Media Contacts:
Tim Morrison
PAG Communications