PAG

PAG (太盟投资集团) is an Asia-focused buyout firm co-founded by Shan Weijian, distinguished by a control-oriented, "traditional, disciplined and cautious" investment style that insists on "not buying expensive assets" . Its China playbook centers on complex "Buy and Build" executions with long holding periods—exemplified by the Yingde Gases saga, where PAG took the company private for HK$10 billion in 2017, acquired Baosteel Gases via carve-out, merged them into AirPower Technology, and after seven years of operational restructuring exited the core industrial gas business in early 2025 in what 暗涌Waves called the largest PE exit in Chinese history . The firm recently made an equally record-setting entry: leading a ¥66 billion recapitalization of Wanda's commercial management platform into New Daming, bringing in Middle Eastern sovereign wealth including ADIA and Mubadala as co-investors and becoming the largest shareholder of the world's biggest mall operator . PAG launched its first RMB fund in Suzhou in June 2025 with ¥3.1 billion, betting that domestic capital will dominate Chinese private equity and positioning itself as a "core player in a core market" .