Latest news with #PAG
Reuters
a day ago
- Business
- Reuters
Wanda lights up China's great property firesale
HONG KONG, June 2 (Reuters Breakingviews) - China's great property firesale continues. Wang Jianlin, chair of Dalian Wanda and once the richest man in the People's Republic, is offloading 48 giant shopping malls known locally as Wanda Plazas to a consortium led by Asian buyout fund PAG. The acquirors appear to be picking up another bargain from one of the country's biggest operators of commercial real estate. Details of the deal have dripped out over the past month. According to The Paper, a state-run news portal, PAG will set up a fund worth 50 billion yuan ($7 billion) for the acquisition comprising the busiest shopping landmarks in top cities including Beijing and Guangzhou. Internet giants Tencent ( opens new tab and ( opens new tab as well as insurer Sunshine Life also form part of the syndicate. These are Wang's 'old friends'. PAG led a group last year to acquire a 60% stake in Wanda's property management arm for $8.3 billion. That purchase brought in Gulf sovereign funds, Abu Dhabi Investment Authority and Mubadala, as new investors. In 2018, Tencent and JD were among investors who paid $5.4 billion for a 14% stake in Wanda's mall unit. Like PAG did in its previous deal, the Chinese technology companies may be rolling some of their previous investment, opens new tab into the new one. Wang has been selling dozens of malls, each for about 1.5 billion yuan, roughly $210 million, according, opens new tab to Bloomberg Intelligence. The latest sale values these properties, where young Chinese taste Starbucks (SBUX.O), opens new tab or go on their first date, at just 1 billion yuan each. Similarly, the implied enterprise value on PAG's previous deal with Wanda in late 2023 and early 2024 was around half the sum, opens new tab the business was valued at three years prior. For its part, Wanda has sold more than $30 billion in assets since 2016 including hotels and movie theatres per Dealogic. The severity of the parent group's liquidity crunch is unclear but recent bond documents show that Wanda's commercial management unit alone had up to 40 billion yuan of debt maturing this year. Its dealings spotlight the enduring weakness in commercial property despite government stimulus aimed at restoring confidence. The proportion of distressed deals remains high and activity continues to decline, MSCI warned in its 2024 review. Yet if the discount is large enough, investors like PAG, opens new tab are among a small group still willing to make large bets.
Nikkei Asia
4 days ago
- Business
- Nikkei Asia
Jardine Matheson names first Chinese national as CEO
TOKYO -- Jardine Matheson Holdings, a British conglomerate with roots in Asia, has appointed its next CEO: Lincoln Pan, currently a partner and co-head of private equity at Hong Kong investment firm PAG. A public relations representative confirmed to Nikkei Asia that Pan will be the first Chinese national to take the CEO post at Jardines, which has almost two centuries of history and began as an opium trader.
Business Times
4 days ago
- Business
- Business Times
Jardine Matheson Holdings names Lincoln Pan as CEO-designate as group managing director John Witt retires
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Thursday (May 29) announced the appointment of Lincoln Pan as chief executive-designate, as group managing director John Witt will retire from the company end-November. Pan is a partner, co-head of private equity and member of the group executive committee at alternative investment business PAG. He will join to helm Jardine Matheson Holdings as CEO from Dec 1. He previously served as CEO of Greater China at Willis Towers Watson and in executive roles at Advantage Partners and GE Capital as well as worked at McKinsey & Company. Ben Keswick, executive chairman of the group, said: 'Lincoln's wealth of investment experience in the Asia-Pacific region and track record of working with company boards and management teams makes him extremely well-placed to lead Jardine and to implement our strategy to build bigger, better businesses over the long term.' Witt, 62, has been with the Jardine Matheson Group for more than three decades and has served as group managing director at Jardine Matheson Holdings since 2020. In this role, his key achievements include implementing leadership succession in the group's key portfolio companies and overseeing the simplification of its corporate structure, Keswick said. With effect from Nov 30, Witt will step down from his roles at Jardine Matheson Holdings, DFI Retail, Jardine Cycle & Carriage and Astra – including his roles as a director and board chairman at JC&C, the investment holding company of the Jardine Matheson Group in South-east Asia. He will continue to serve as chairman of property group Hongkong Land , which is 53 per cent owned by the Jardine Matheson Group. The counter ended Thursday 2.2 per cent or US$1.00 higher at US$45.60, before the announcement.
Mint
5 days ago
- Business
- Mint
Nikhil Srivastava elevated as PAG's private equity co-head
PAG, an Asia-Pacific-focused alternative investment firm, has elevated its India head of private equity, Nikhil Srivastava, to jointly lead its overall private equity business. The appointment is effective immediately, the firm, which manages $55 billion in assets, said on Thursday. Srivastava, a partner, will also join the firm's management committee, and will work alongside David Wong, partner and co-head of PAG Private Equity. Srivastava will succeed Lincoln Pan, partner and co-head of PAG Private Equity, who is leaving the firm to join as the chief executive officer of Jardine Matheson Holdings Ltd. Lincoln will work at PAG until November this year, the firm said. Srivastava joins other Indian executives at KKR, Blackstone and Warburg Pincus who have taken on prominent leadership positions in global private equity over the last three years. Blackstone's India head Amit Dixit has been leading the firm's Asia PE operations over the last several years. Warburg Pincus and KKR also elevated their respective India heads, Vishal Mahadevia and Gaurav Trehan, to lead the firms across Asia two years ago. 'Nikhil assumes this leadership position with an outstanding track record in deal-making, team leadership, and strategic execution, as well as a deep understanding of the region and ability to manage and grow our portfolio companies,' Shan, executive chairman and co-founder of PAG, said in a statement. Srivastava has scaled PAG's India private equity platform and led large investments in Nuvama Wealth Management and Manjushree Technopack. Before PAG, Srivastava worked across India, Singapore, and the US markets with KKR for nearly a decade. He has also worked at Goldman Sachs and Inphi Corporation. Srivastava holds an MBA from Harvard Business School, a master's in electrical engineering from Stanford, and a bachelor's in electrical engineering from BITS Pilani. He also owns several patents, the firm said. PAG offers three core strategies in credit and markets, private equity, and real assets. The firm manages capital of over 300 institutional fund investors and has over 370 investment professionals. In India, PAG has also invested in companies such as Sekhmet Pharmaceuticals, Acme Formulations and Pravesha.
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Business Standard
5 days ago
- Business
- Business Standard
PAG elevates India head Nikhil Srivastava to co-head of private equity
PAG, one of Asia-Pacific's largest alternative investment firms, has appointed Nikhil Srivastava as Co-Head of its Private Equity business—a move that elevates the current India head to a broader regional leadership role as the firm undergoes a leadership transition. Srivastava, who joined the Hong Kong-based firm in 2019 and currently leads the India private equity franchise, will work alongside David Wong in overseeing PAG's private equity operations. He also joins the firm's Management Committee with immediate effect, according to a company press statement. The leadership reshuffle comes as long-time partner and Co-Head of Private Equity, Lincoln Pan, prepares to exit the firm to become Chief Executive Officer of Jardine Matheson Holdings. Pan will remain with PAG until November, the firm said. Srivastava has played a key role in scaling PAG's India operations, spearheading marquee deals including the acquisition and public listing of Nuvama Wealth Management, and the investment in packaging company Manjushree Technopack. 'Nikhil assumes this leadership position with an outstanding track record in deal-making, team leadership, and strategic execution, as well as a deep understanding of the region and ability to manage and grow our portfolio companies,' said Weijian Shan, Executive Chairman and Co-Founder, PAG. Prior to PAG, Srivastava spent nearly a decade at KKR across India, Singapore, and the US, and earlier held roles at Goldman Sachs and Inphi Corporation. He holds engineering degrees from Stanford and BITS Pilani, and an MBA from Harvard University. PAG manages over $55 billion in assets and employs more than 370 investment professionals across 15 offices globally.
