# PAG

> PAG is a VC fund in Tokyo backing Health Care and Biotechnology. See 40 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Tokyo, Japan
- Total investments: 40
- Last investment: Mar 2026
- Lead investor: 60%
- Fund size: $525M
- Last fund: Aug 2021
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/_pag
- Website: https://www.pag.com

PAG is a VC fund in Tokyo focused on Health Care and Biotechnology. PAG is now one of the region’s largest Asia-focused investment managers with funds under management across Private Equity, Real Estate, and Absolute Return strategies.

## Contacts

5 contacts available for PAG. Shizune tracks 7 team members at PAG. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/pag?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series B | $28M–$270M |
| Private Equity | $53M–$540M |
| Post-IPO Equity | $10M–$250M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 6 | 15% |
| Biotechnology | 5 | 13% |
| Manufacturing | 4 | 10% |
| Pharmaceutical | 4 | 10% |
| Food and Beverage | 4 | 10% |

61 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Private Equity | 9 | 23% |
| Series B | 7 | 18% |
| Post-IPO Equity | 7 | 18% |
| Series C | 4 | 10% |
| Seed | 2 | 5% |

11 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 15 | 38% |
| Hong Kong | 4 | 10% |
| India | 3 | 8% |
| South Korea | 2 | 5% |
| United States | 2 | 5% |

11 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Broderick Storie | Partner | 0 | https://shizune.co/investors/profile/broderick-storie |
| Chris Gradel | CIO and CO-Founder | 0 | https://shizune.co/investors/profile/chris-gradel |
| Jon-Paul Toppino | Co-Founder,Executive Director and president | 0 | https://shizune.co/investors/profile/jon-paul-toppino |
| Nikhil Srivastava | Co-Head of Indian Private Equity | 5 | https://shizune.co/investors/profile/nikhil-srivastava |
| Weijian Shan | Chief Executive Officer and Managing Partner | 2 | https://shizune.co/investors/profile/weijian-shan |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| ROKIT Healthcare | ROKIT Healthcare provides hardware, software, and application support. Their custom fabrication technologies deliver solutions to the design, creation, and applications of three-dimensional systems. They provide suffering patients and humans with a hyper-personalized medical organ regeneration solution. They apply artificial intelligence and 3dbioprinting technology to regenerate the skin and cartilage organs through surgery for patients. | $42.5M | Post-IPO Equity | Mar 10, 2026 |  |
| DDC Enterprise | DDC Enterprise | $124M | Post-IPO Equity | Oct 08, 2025 |  |
| Parkview Group | The Parkview Group is a conglomerate of private companies. Parkview’s roots lie in the Chyau Fwu Group, a pioneering construction and development business founded in Taiwan in the 1950s.Principally focused on major infrastructure projects, Chyau Fwu was a key player at the vanguard of Taiwan’s early development. As the company moved intoproperty investment and development, it cemented a reputation for top-end landmark projects that set new benchmarks for quality and innovation. One of its recent projects, 200,000 sqm Parkview Green in Beijing, was the first mixed-use project in China to be awarded the LEED (Leadership in Energy and Environmental Design) Platinum certification.The Parkview Group of today has diverse investments in Europe and Asia ranging from the top-end residential and hotel developments, cutting edge construction and materials research facilities to arts organisations. | $38.4M | Debt Financing | May 16, 2025 |  |
| Canadian Solar | Canadian Solar designs develops, manufactures, and sells solar cell and module products that convert sunlight into electricity for a variety of uses. The Company conducts all of its manufacturing operations in China. The Company's products include a range of standard solar modules built to general specifications for use in a range ofresidential, commercial and industrial solar power generation systems. It also designs and produces specialty solar modules and products based on its customers' requirements. Specialty solar modules and products consist of customized modules that its customers incorporate into their own products, such as solar-powered bus stop lighting, and complete specialty products, such as solar-powered car battery chargers. It sells its products under its Canadian Solar brand name and to original equipment manufacturing (OEM) customers under their brand names. | $200M | Post-IPO Debt | Aug 19, 2024 |  |
| Canadian Solar | Canadian Solar designs develops, manufactures, and sells solar cell and module products that convert sunlight into electricity for a variety of uses. The Company conducts all of its manufacturing operations in China. The Company's products include a range of standard solar modules built to general specifications for use in a range ofresidential, commercial and industrial solar power generation systems. It also designs and produces specialty solar modules and products based on its customers' requirements. Specialty solar modules and products consist of customized modules that its customers incorporate into their own products, such as solar-powered bus stop lighting, and complete specialty products, such as solar-powered car battery chargers. It sells its products under its Canadian Solar brand name and to original equipment manufacturing (OEM) customers under their brand names. | $200M | Post-IPO Debt | Aug 19, 2024 |  |
| R K Pharma | RK Pharma develops and contributes to the health care industry with pharmaceutical ingredients and generic products. Their products include diclofenac potassium tablets, mycophenolic acid DR tablets, mycophenolic acid DR tablets, mitomycin injection vials, and more. | $200M | Private Equity | Jun 06, 2023 |  |
| Elan Group | Elan Group is a real estate company that develops a range of commercial, residential, and hospitality properties. The company's portfolio includes various retail and commercial projects as well as residential developments. Elan Group focuses on creating spaces with distinct design and innovation. | $57.6M | Private Equity | Dec 09, 2022 |  |
| iQiyi | iQiyi is a Chinese ad-supported television and movie portal providing fully-licensed, high-definition, professionally produced content. iQiyi launched a large copyright procurement plan to create a comprehensive copyright content database covering movies, TV dramas, variety shows, documentaries, animation and travel, and other content. Thecompany also enables brands to maximize their ROI with the SWS (Search-Watch-Share) model.Launched on April 22, 2010, as Qiyi, the company received investment funds from Baidu and Providence Equity Partners. On November 26, 2011, Qiyi announced its rebranding with the iQiyi brand name and a new logo. As of August 2012, iQiyi had over 370 million PC users, with a total monthly time spent of over 1,374 million hours, along with 90 million activated mobile users.iQiyi's major competitors include Youku.com, Tudou.com, and PPTV. | $500M | Post-IPO Debt | Aug 30, 2022 |  |
| Elan Group | Elan Group is a real estate company that develops a range of commercial, residential, and hospitality properties. The company's portfolio includes various retail and commercial projects as well as residential developments. Elan Group focuses on creating spaces with distinct design and innovation. | $53.2M | Private Equity | Aug 27, 2022 |  |
| Regional Express Holdings | Regional Express Holdings is an Australian airline. | $10.2M | Post-IPO Equity | Jul 15, 2022 |  |

10 of 40 investments shown.

## Co-investors
- [Advantech Capital](https://shizune.co/investors/profile/advantech-capital) — VC Fund, 2 deals together
- [China Venture Capital](https://shizune.co/investors/profile/china-venture-capital) — VC Fund, 2 deals together
- [Mulana Investment](https://shizune.co/investors/profile/mulana-investment) — VC Fund, 2 deals together
- [New Enterprise Associates](https://shizune.co/investors/profile/new-enterprise-associates) — VC Fund, 2 deals together
- [OKG Financial Services](https://shizune.co/investors/profile/okg-technology) — VC Fund, 2 deals together
- [HSG](https://shizune.co/investors/profile/sequoia-capital-china) — VC Fund, 2 deals together

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## FAQ

### What does PAG invest in?

PAG invests primarily in Health Care, Biotechnology and Manufacturing startups, most often at Private Equity and Series B stage. Most of the 40 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is PAG's check size?

PAG typically joins rounds of $28M–$270M at Series B, $53M–$540M at Private Equity and $10M–$250M at Post-IPO Equity. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds PAG participates in.

### How do I contact PAG?

Public channels for PAG include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at PAG?

The team at PAG includes Broderick Storie (Partner), Chris Gradel (CIO and CO-Founder) and Jon-Paul Toppino (Co-Founder,Executive Director and president), among 7 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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