Gibson Dunn has advised Blackstone-backed Pacific Alliance Group (PAG), an Asia-focussed alternative investment firm, on the formation of the largest direct lending fund raised in the Asia-Pacific region. 

Hong Kong-based PAG has completed its fifth pan-Asia direct lending fund called PAG Loan Fund V. It has secured $2.6 billion in capital commitments from over 20 institutional investors, among them sovereign wealth funds, pension funds and endowments, from regions including North America and Europe, Gibson Dunn said in a statement.

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