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 Real Assets grew out of Secured Capital Japan, which was established in 1997 as a pioneer in real estate and distressed asset investing in the Japan market.

Our proven track record spans multiple market cycles. We invest in strategies ranging from hard asset acquisitions to investments in real estate companies and real estate secured distressed debt.

Our network includes on-the-ground expertise in Japan, China, Hong Kong, Singapore, Australia and Korea. Our contacts and relationships span the Asia-Pacific region.

Fast facts

USD40 billion
invested in over 7,000 properties across Asia since inception
real assets-focused team members region-wide

A unique, flexible approach

We find opportunities for direct and indirect investment in opportunistic, value-add and core-plus real estate strategies.

We also have unique in-house asset management capabilities, allowing us to unlock value through prudent and cost-effective property management with a strong focus on service.

Creating value

PAG Real Assets aims to create sustainable, risk-adjusted investment returns for investors by deploying our tested skill base in underwriting, structuring and executing various value enhancement and exit strategies. This is supported by our strong sourcing network, which has been developed over more than two decades in the market.

Our core strength is a deep local knowledge and understanding of both property markets and capital markets, which allows us to take advantage of the right opportunities at the right time.

Asset management

Capable asset management is a critical foundation for superior investment returns. PAG has built a strong group of dedicated, in-house asset managers to maximize the investment returns of our portfolio.

Our dedicated teams in our key markets manage assets acquired by our funds.

FLOW Digital Infrastructure

FLOW Digital Infrastructure is a data centre and digital infrastructure platform focused on APAC founded by PAG.

The company invests and operates in the key physical assets of the digital infrastructure ecosystem, including cloud, hyperscale and enterprise data centers as well as network and fiber assets, across the Asia Pacific region. For more information, visit 


PAG Renewables

PAG Renewables is a wholly owned subsidiary of PAG created to accelerate the clean energy transition in Asia Pacific, following the acquisition of First Solar Japan’s development and operations platform and best-in-class team. The company invests in and operates socially responsible renewable assets and platforms across the region.



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.

Our real
estate funds


SCREP VII is the firm’s ninth opportunistic real estate fund. The fund is focused on opportunistic property-related investments in selected Asia-Pacific markets. 

PAG Real Estate Partners II (PREP II)

PREP II the firm’s second pan-Asian core-plus/value-add real estate fund. The fund seeks to generate attractive income-driven returns in key gateway cities around Asia-Pacific.


SCREP VI is the firm’s eighth opportunistic real estate fund. The fund is focused on opportunistic property-related investments and distressed debt in Japan (~65%) and other opportunities across other selected markets. 

PAG Real Estate Partners I (PREP I)

PREP I is the firm’s pan-Asian, core-plus/value-add real estate fund. The fund seeks to generate attractive income-driven returns in markets and sectors where PAG has demonstrated investment and management capabilities.

Secured Capital Real Estate Partners V (SCREP V)

SCREP V is an opportunistic real estate fund focused primarily on distressed debt, hard assets, platform equity, bridge financing and co-development opportunities. The fund focuses primarily in Japan but also invests in other key regional markets including Australia and Korea.

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