Blackstone-backed PAG plans $2bn Hong Kong IPO after big year for private equity in region
Buyout deals in Asia have surged to a first-quarter record as private equity groups scooped up assets in the region, but investors warn the hot streak may not last due in part to intensifying coronavirus lockdowns in China.
The value of private equity deals in Asia has reached $46.5bn in the first three months of 2022, up 340 per cent from the same three-month period last year, according to Refinitiv data. That marked a first-quarter record as the region continued to offer a range of targets for acquisitions despite tumult elsewhere in the world.
The increase in deals has come alongside several high-profile moves in Asian private equity. Sweden’s EQT earlier in March agreed to buy Hong Kong-based Baring Private Equity Asia for €6.8bn. On Friday Blackstone-backed PAG, one of the region’s largest private equity groups, filed for an initial public offering in Hong Kong which could raise up to $2bn, according to people familiar with the matter.
Read more: FT
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