PAG closed its fourth loan fund, PAG Loan Fund IV, with $1.5 billion, according to sources.
The senior debt/direct lending fund is 58% larger than its predecessor, $950 million PAG Loan Fund III, which closed in 2018.
Investors in the fund include the $210.3 billion Florida State Board of Administration, Tallahassee; $33.9 billion Texas Permanent School Fund, Austin; and $25.9 billion San Francisco City & County Employees' Retirement System.
