PAG President and co-founder Jon-Paul Toppino says competition for property investment in Japan has intensified as more global firms enter the market. | BLOOMBERG PAG is planning to invest about ¥2 trillion ($13 billion) in Japanese real estate and private equity deals in the next three to four years in a ramp-up of its spending plans as more opportunities emerge in the market. The $55 billion Asian alternative asset manager’s target is a step up from a previous goal disclosed in early 2025 to invest around ¥1 trillion in Japanese property. The latest projection includes private equity transactions and reflects additional capital from a new real estate fund, according to PAG President and co-founder Jon-Paul Toppino. Japan has drawn increased investor interest in recent years as corporate governance reforms and the return of inflation create fertile ground for buyouts and real estate deals.…