Category: Our Insights

April 24, 2026

Pacific Aegis Capital Management (PACM) is pleased to share that our Managing Director and Chief Investment Officer, Mr. Francis C.Y. Ng, spoke as a panelist at the KPMG Asset Management Summit held in Hong Kong on 16 April 2026.

Mr. Francis Ng joined a panel that included representatives from the Securities and Futures Commission and ChinaAMC (HK), sharing insights on the opportunities within alternative investments as well as emphasizing the importance of investor education and the necessary guardrails for sustainable, quality growth — including regulatory oversight, an institutional mindset, and supporting infrastructure.

During the discussion, Mr. Francis Ng highlighted the relative nascency of the Asia-Pacific private credit industry, reflecting, among other factors, the inherent challenges of operating in a range of different jurisdictions and regulations; the need for private credit managers to have specialized local knowledge of the markets in which they lend, and the importance of investor education, particularly in helping retail investors better understand the risks and attributes of different private credit investment products, both listed and unlisted.

This participation reflects PACM’s disciplined approach to contributing to industry dialogue on alternative investment strategies and underscores the firm’s ongoing commitment to thought leadership in real estate private credit and special situations investing across Asia.

Pacific Aegis Capital Management (“PACM”) is pleased to announce the closing of a senior secured facility in connection with a premium residential development located in Ting Kau, Hong Kong.

The short-term facility is secured by a first-ranking mortgage over a luxury residential houses complex at a conservative loan-to-value ratio. The proceeds will facilitate debt restructuring, refurbishment works and the provision of working capital to support the enhancement of the project’s market positioning.

This transaction underscores PACM’s disciplined approach to asset‑backed lending and commitment to providing structured financing solutions across the Asia real estate sector, supported by our strong institutional partnerships and local market knowledge.

Remarks:(a) The above information is provided for general information purposes only and does not constitute an offer, solicitation, or recommendation to acquire any investment products or to engage in any investment activities.(b) Interests in the fund(s) managed by PACM are made available only to “professional investors” as defined under the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made thereunder.

Second from right: Cheng Ko Pang, Managing Director, Co-Head of Investments, Pacific Aegis Capital Management

Pacific Aegis Capital Management was recently invited to participate in the “Win-Win: Optimizing Assets – 2025 Guandian Capital Roundtable” forum, hosted by Guandian. The forum convened prominent industry leaders and experts from institutions including CBRE, China Merchants Land, Natixis, and Bank of East Asia, alongside Pacific Aegis Capital Management, to discuss investment strategies and market opportunities amidst global economic volatility and a high-interest rate environment.

Cheng Ko Pang, Managing Director, Co-Head of Investments, Pacific Aegis Capital Management

Cheng Ko Pang, Managing Director, Co-Head of Investments of Pacific Aegis Capital Management, observed the scarcity of high-quality assets in the current environment of elevated interest rates and cyclical volatility. He advocated for a proactive approach, emphasizing the importance of identifying stable and high-growth markets globally. He specifically highlighted Japan and Australia as key markets of interest.

He cited population growth and adaptable policy environments as factors driving attention towards these markets. Furthermore, he noted that ongoing policy reforms in Australia are creating opportunities for transformation within the commercial real estate sector. He emphasized the necessity of considering comprehensive factors such as returns, taxation, and legal aspects in cross-border investments.

Los Angeles, CA — Pacific Aegis Capital Management Group (PACM), an independently owned real estate and asset-backed private credit investment manager, has successfully closed a US $22 million last-mile financing facility.This facility is backed by a first mortgage on two upscale residential development projects in Los Angeles, highlighting PACM’s ongoing commitment to deploying capital globally beyond the Asia Pacific region.The transaction involves providing refinancing to a California-incorporated company with a strong track record of over a dozen real estate development projects across the United States. The primary assets securing the financing comprise the development of two luxury condominium buildings situated in Los Angeles’ prestigious residential neighbourhood, boasting a combined net leasable area (NLA) of approximately 48,000 square feet.Francis Ng, Managing Director and Chief Investment Officer of PACM, remarked, “We are thrilled to partake in this exceptional project in California. This transaction aligns with our ongoing strategy to expand internationally, strategically invest capital, and devise innovative private-credit solutions to enhance portfolio performance.”A&O Shearman served as PACM’s legal counsel for the project.– END –

PACM Group (“PACM” or “Pacific Aegis Capital Management Group”), an investment management firm specializing in real estate private credit and equity investment, is delighted to announce the successful completion of the initial round of fundraising for PACM OW Global Special Situation Fund II L.P. (the “Fund“).The Fund has garnered significant interest from both existing and new investors on our first closing, with the fund size to be targeted at US$300 million to be fully fundraised by the end of the year. This overwhelming response exemplifies the confidence and recognition that investors have placed in PACM’s investment strategies and proven track record.The Fund’s primary objective is to achieve long-term capital appreciation through various investment strategies, including asset-backed direct lending, non-performing debt acquisition, acquisition financing, stretch senior financing, project financing, bridge financing, and other debt related investment strategies. The fund will focus on developed markets with a legal framework based on common law, specifically targeting regions such as Australia, Canada, Hong Kong, Singapore, the United Kingdom, and the United States.Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM, expressed his gratitude to all investors, stating, “While the current market environment continues to post challenges on fundraising efforts to the industry, we are fortunate to have the continual support of our existing investors and at the same time able to attract new investors with our stellar track record. We firmly believe there are exceptional credit investment opportunities within the markets where PACM has established a solid presence since its inception in 2018. This Fund marks the launch of our second private credit fund, together with the two Real Estate Private Equity funds launched in 2023, making it the fourth fund launched within the PACM Group.Throughout the period of property market adjustments, our team has consistently demonstrated the ability to identify and execute new deals while effectively managing market risks with adaptability and flexibility. We embrace both the opportunities and challenges presented by the current real estate landscape, and we are confident that the Fund under the PACM Group will continue carrying on our excellent investment track record.”– END –

PACM Group (Holdings) Limited (“PACM” or “Pacific Aegis Capital Management Group”) is pleased to announce a commitment of HKD 1 million to The Nesbitt Centre, a non-profit organization in Hong Kong dedicated to empowering young adults with learning disabilities through vocational education and social enterprises. This contribution comes as The Nesbitt Centre celebrates its 30th anniversary in 2023, and PACM is honoured to be part of its ongoing mission. The donation ceremony was attended by Miss Charmaine LEE Pui-Sze, JP, Director of the Social Welfare Department of the Hong Kong Government, who graced the occasion and provided valuable support.Miss Charmaine LEE Pui-Sze, JP, Director of the Social Welfare Department with The Nesbitt Centre and PACMThe Nesbitt Centre actively promotes a supportive community and provides valuable skills and opportunities to young adults with learning disabilities. As PACM strengthens its capital raising and deployment capabilities, responsible investing within a robust ESG framework remains a fundamental pillar of the company’s ethos. With its global real estate debt fund operating in six jurisdictions, PACM is steadfast in its commitment to sustaining and amplifying its social impact efforts worldwide.Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM, said, “Just as our business helps companies navigate special situations, The Nesbitt Centre plays a similar role in supporting young adults with learning disabilities through challenging times and overcoming obstacles. PACM is continuing to donate 5% of the management fee to charities within the regions covered by the fund’s projects. With a commitment of HKD 1 million, we hope to enhance the capabilities of The Nesbitt Centre, enabling them to extend their much-needed aid to a greater number of individuals in need. PACM believes that social value and investment value are equally important, driving us to continuously explore opportunities for philanthropic contributions. We are happy to create meaningful change and support organizations that make a difference in the lives of vulnerable communities.”Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM– END –

Minister of Foreign Affairs of Canada Mélanie Joly (middle)On 10th November, the Youth Town Hall event, in collaboration with the Porte Impact Fund and the PACM Group (“PACM” or “Pacific Aegis Capital Management Group”), provided a unique platform for Canadian youth to engage in a townhall discussion with speakers the Honourable Ms. Mélanie Joly, Minister of Foreign Affairs of Canada, Federal Members of Parliament Mr. Parm Bains of Steveston—Richmond East, and Mr. Wilson Miao of Richmond Centre. The event aimed to inspire young individuals to recognize their role in a rapidly changing world and encourage their participation in international relations and global politics.During the interactive Q&A session, approximately 50 young attendees and the speakers discussed global issues such as the Russo-Ukrainian conflict and the recent Israel-Palestine crisis. Minister Joly provided valuable insights into these topics and encouraged the youth to explore their potential impact on the global stage. The impassioned discussion amplified the voices of the youth to be heard by the Canadian Government and fostered community connections through open communication on both sides.The event aimed to inspire young individualsMr. Francis Ng, Managing Director and Chief Investment Officer of PACM, stated, “In a year filled with turbulent news that may leave youth feeling confused and insecure. The Youth Town Hall event helped young Canadians to gain a deeper understanding of global issues and their potential to shape the world and generated a ripple effect that extends far beyond the boundaries of the nation. We thank Minister Joly and all the speakers who served as influential figures, engaging with the youth and demonstrating their genuine care. We believe in the power of dialogue, guidance, and inspiration to foster a more equitable and peaceful future. Here at PACM and Porte Global, we will use every approach to empower youth to become active global citizens and catalysts for positive change.”Esteemed speakers with co-organizers PACM and Porte Global– END –

PACM Group (Holdings) Limited (“PACM” or “Pacific Aegis Capital Management Group”) is pleased to announce its role as a Gold Sponsor for the Vancouver Chinatown Foundation Autumn Gala. The Gala featured an impressive collection of generously donated artworks by internationally renowned Canadian artists, which were auctioned to raise funds for the construction of 58th West Hastings (“58WH”), BC’s largest social housing project. The 58WH project aims to provide 231 affordable housing units, a 50,000-sqft integrated health centre, and skill-building programs and resources to the community. With 800 attendees, including representatives from all levels of the Canadian government, particularly Hon. David Eby, Premier of British Columbia, and Hon. Ken Sim, Mayor of Vancouver. The evening was a resounding success, raising CAD 1.9 million to support the 58WH project.Mr. Tsz Chiu Guan, Managing Director and Chief Strategy Officer of PACM (left), Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM (second from the left), Ms. Carol Lee, Chair of Vancouver Chinatown Foundation (middle), Mr. Franco Ng, Director of PACM (second from the right), and Mr. Nelson Lee, Director of PACM (right)Through the opportunities facilitated by Ms. Carol Lee, Chair of the Vancouver Chinatown Foundation, PACM has the privilege of partnering with this respected registered charity devoted to revitalizing Vancouver’s historic neighborhood. Together, we share a common vision for community development and revitalization. As a private credit investment management firm with a focus on real estate, PACM recognizes the significance of affordable housing, sustainable community growth, and the preservation of historic buildings. This alignment with the goals of the 58WH Art Project is a natural fit, as it encompasses PACM’s expertise in these areas and our effort to foster a vibrant and culturally rich community.The Gala represents an innovative approach to community development, where art plays a vital role in giving back to the community. Not only will the funds raised contribute to the 58WH project, but the donated artworks will also be integrated into the design of the building, creating a unique and culturally significant space for residents and visitors alike. The project broke ground in July 2021 and is slated for completion in Spring 2024.Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM, said, ” We are excited to see the profound and positive impact it will have on Vancouver’s Downtown Eastside. By uniting all levels of government, partner organizations, and renowned Canadian artists, this project brings together individuals and groups who share a deep commitment to the community. At PACM, giving back to the community is not merely an option but an imperative that is deeply ingrained in our investment philosophy. Through our continued investment efforts and adherence to responsible investing practices, PACM strives to contribute to the betterment of society on a global scale.”– END –

從事房地產私募信貸投資的柏衛資本董事總經理兼首席投資總監吳旨賢接受本報訪問時稱，面對當前息口正在上升，對私募信貸投資的需求增加之餘，亦帶動了公司的不良資產貸款融資(Non-Performing Loan Financing)的業務表現。吳旨賢解釋，不少「重資產、輕現金流」尋找該公司融資，主因是他們看好未來經濟有望好轉，「尤其憧憬只須捱多一兩年貴息後，隨經濟好轉即可賺回成本」。目前，柏衛資本手上的物業，分別處於香港、新加坡、澳洲、英國及加拿大等地。吳旨賢表示，上述地方奉行普通法，對公司而言較為熟悉及容易處理；相反，台灣及日本等地則奉行民法法系(Civil Law)，為確保營運效率，故聚焦普通法而非民法法系的地方。考慮以REIT方式實現「在地退出」吳旨賢亦認為，觀乎私募信貸在歐洲、美國及澳洲皆十分成熟，「為何香港不可以從事這類融資」？除了住宅物業，吳旨賢稱，未來亦會考慮投資物流、醫療及數據中心三類物業。未來退出策略方面，吳旨賢稱，未來3至5年，將考慮以房地產信託基金(REIT)的方式，按物業的所在地實現「在地退出」，相信對公司而言，REIT有望成為另一融資渠道。不過，他強調，暫未考慮將手上的抵押品擴展至房地產以外。– END –

在整體香港物業市場動蕩期間，私募債或私募信貸（Private Debt/Private Credit）或成為投資者關注的另類投資產品之一。私募債是指由非傳統金融機構（如私募基金和對沖基金）向中小型企業或沒有信貸評級的企業所提供的直接貸款。對於需要融資的借款人而言，私募債提供了一種除了向銀行或資本市場之外的代替方案。私募債通常提供較高的固定收益、短期限和較低風險的投資選擇，因此吸引投資人的關注。此外，私募債的風險監測相對於股權投資更簡單，包括信用風險、流動性風險等，故資產管理投資人更容易進行風險評估，而能更有效的做出投資組合的風險分散。如下圖所示，在過去十年私募債投資的增長前所未有，以資產管理規模（AUM）計算，從2010至2020年間，全球私募債市場從3,200億美元擴大到8,750億美元，成為在另類投資領域中排名第三的資產類別，僅次於私募股權和房地產。根據市場機構Preqin預測, 未來5年私募債市場規模將達到8.92％的複合增長（CAGR），並將達到近2.3萬億美元的資產規模。私募債優勢一般情況下，私募債權基金的目標回報率略低於私募股權基金，因為前者參與更少的風險。在面臨破產的情況下，債權投資人相對於股權投資人擁有優先受償權利，且由於私募債權的設計投資期限較短，故相對有更好的退出機制。同時，由於基金旗下每個債權擁有固定的債務到期期限，故私募債權基金在基金存續期內擁有更容易預判及靈活的再投資機制，以確保期限內基金管理人和投資者的收益最大化。私募債權基金通常會承諾在投資期內定期向投資者分發收入，其中包括基金旗下債權所收到的貸款利息和本金，而不像私募股權基金，僅僅在投資組合實現退出時一次性分配收益。私募債投資可以成為投資組合的良好補充，因為它具有較有競爭力的收益、能有效地分散風險、且波動性相對於股票及基金等金融工具低。此外，私募債投資還具備量身定制能力，可以有效保障貸款方的靈活性。在經濟前景不明朗且利率飆升的時候，私募信貸通常採用浮動利率，更能對抗通脹，並提供比傳統固定收益和股票市場更高的收益率。亞洲私募債市場亞洲私募債規模2014年12月至2019年6月期間翻了一倍，達到約570億美元。隨著亞太區公司的高速增長及銀行貸款成本上升，中小企業急切地希望將其融資渠道多元化，以保證其增長動力，故黑石集團預計其亞太區私人信貸業務的資產將增加十倍。中小企業是許多亞洲經濟體得以多年高速增長的核心支柱，佔所有亞洲企業的90％以上。然而，中小企業往往難以從銀行獲得融資，因為它們的規模較小，缺乏抵押品，因此需要承擔更高的交易成本。與傳統金融機構比，私募債權投資者更願意向中小企業提供援助，因為他們受監管要求的限制相對較小，且其風控措施比傳統金融機構更具靈活性。在過往3年全球疫情及宏觀經濟不理想的影響下，亞太地區的銀行變得更加謹慎和風險回避，對借款人的審查標準也越趨嚴格，使許多企業難以獲得傳統資金來源，因此，私募債融資填補了這一空白，向那些在其他渠道難以獲得融資的企業提供了急需的融資。儘管近期亞洲金融市場波動不斷，但私募債投資仍持續增長，且資產管理人對於其前景普遍較為樂觀。這歸功於企業對私募債的高度關注，以及市場上私募債權投資基金在直接貸款、困境債務、特殊機會、次級債務以及衍生工具等方面的成熟策略及先天優勢。柏衛資本認為，歷史上私募債偏向於中型企業，但隨著亞洲債權投資基金的規模增加，以及投資能力日漸增強，未來有望將能參與更大的融資金額及更複雜的交易結構，以滿足企業的借款需求，為市場帶來更多的活力和發展機遇。– END –