PAG is one of the largest private equity funds in Asia, with approximately $16 billion in management funds and industrial investment business in Greater China, Korea, Japan, Southeast Asia and Australia.
According to a statement by the company, the funding comes close on the heels of Chezhibao strategic acquisition of Shanghai-based second-hand car trading platform Youyiche.
Once the transaction is completed, the two sides will continue to expand the Chezhibao brand in the second-hand car trading business and will help to enhance the profitability of the company. Chezhibao founder Huang Le will serve as chairman and CEO of the merged entity while Shi Wen will serve as president of the company.
Founded in 2012, Chezhibao connects car owners, dealers and buyers online to facilitate used-car transactions. The new entity aims to set up a national network and expand to over 50 cities in 2017, the company said in its statement.
At present, Chezhibao has offices in 15 cities including Beijing, Shanghai, Shenzhen and Chongqing, and it plans to expand to 100 outlets in 2019.
In 2015, he company announced the completion of a 300 million RMB ($50 million) Series B financing round led by Jiuding Capital and Addor Capital and followed by Gobi Partners, Nanjing Venture Capital and Bank of Nanjing.