TPG's Shan to head Pacific Alliance and start new PE fund

Hong Kong-based alternative investment manager Pacific Alliance Group (PAG) has continued its expansion with the naming of TPG veteran Shan Weijian as group chairman and chief executive. Chris Gradel, who co-founded PAG in 2002, will take up a newly created role as chief investment officer of the hedge fund and distressed business, which has always been his main focus at the company. A spokeswoman says the plan is to enable the $5 billion firm to build a bigger scale platform and incr…