The PAG Asia buyout fund is targeting about USD4bn as the investment firm tests institutional appetite for Asian private equity while reducing its historically heavy exposure to China. PAG has informed limited partners about the fundraising but has yet to finalise its target, according to people familiar with the plans. The vehicle could ultimately raise between USD4bn and USD5bn, with an initial close potentially taking place by the end of the year. PAG's previous buyout fun

Chinese firms overseas expansion plans remain strong, with more than 80% of mainland companies intending to increase their international presence and Hong Kong emerging as their preferred professional-services platform, according to a Trade Development Council survey. Among 2,015 companies surveyed, 82% planned to expand existing overseas operations and 63% intended to establish new businesses abroad. Belt and Road markets are becoming increasingly important, with 94% targeti