The origins of PAG come from Pacific Alliance Group, a multi-strategy hedge fund co-founded by Chris Gradel and Horst Geicke in 2002.

[1][5][6][7][8] In July 2010, Weijian Shan joined PAG and established the private equity business of the firm.

[12] In March 2022, PAG filed for an initial public offering (IPO) in Hong Kong aiming to raise $2 billion.

[5][11][13] In March 2024, it was reported that the Abu Dhabi Investment Authority was offering to buy out stakes in PAG funds from investors who wanted to exit the China market.

[15] On 16 June 2014, TPG Capital, PAG and Ontario Teachers’ Pension Plan acquired DTZ from UGL for an enterprise value of US$1.215 billion.

On 2 August 2018, Cushman & Wakefield held an IPO and was listed on the New York Stock Exchange under the symbol "CWK".

[25] On 11 April 2018, PAG and Joyson Electronics funded Key Safety Systems to successfully complete the acquisition of Air-Bag Maker, Takata for $1.588 billion.

[36][37] In December 2024, PAG acquired NashTech, a UK-based IT services outsourcing company, from Nash Squared to expand its technology and AI investments.