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Panda Restaurant Group
Panda Restaurant Group was founded in 1973 by Andrew and Peggy Cherng, growing from a single location into the largest Asian-themed fast-casual chain in...
Panda Restaurant Group
Panda Restaurant Group was founded in 1973 by Andrew and Peggy Cherng, growing from a single location into the largest Asian-themed fast-casual chain in the United States. The Cherngs remain active in the business, with the family office overseeing investments derived from the restaurant's cash flows. The family office allocates across real estate, private credit, and infrastructure, often co-investing with institutional partners. The portfolio includes direct holdings in commercial properties that house Panda Express locations, as well as debt funds and energy infrastructure projects. The office operates with a long-term, capital-preservation orientation. Though it does not disclose AUM, the Cherng family has raised over $455 million through the Panda Cares foundation for health and education programs (per firm website). In 2023, the office expanded its New York presence to source direct private credit opportunities. The team numbers roughly 20 professionals, with dual hubs in Rosemead and New York. What distinguishes Panda Restaurant Group’s family office is its tie to an operating business that generates cash internally — it does not rely on external fundraising. The office invests alongside the brand’s real estate footprint, creating a built-in deal flow from store expansion and leaseback arrangements.
General information
Firm type
Single Family Office
Year founded
1973
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Rosemead
Corporate office
Rosemead, CA, United States
Additional offices
New York, NY, United States
Principals
Andrew Cherng
Co-Founder
Peggy Cherng
Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at Panda Restaurant Group?
Andrew and Peggy Cherng, as co-founders and principals, oversee the family office's investment strategy. The office is led by a team of experienced investment professionals in Rosemead and New York.
How does Panda Restaurant Group source proprietary deal flow?
The office leverages its relationship to the Panda Express operating business, which provides steady cash flow and real estate deal flow from store expansion and leaseback arrangements.
Is Panda Restaurant Group structured as a single family office or does it operate more like a venture firm?
It is a single family office managing the Cherng family's wealth. It does not raise external capital and operates with a long-term, capital-preservation mandate.
What investment stages does Panda Restaurant Group typically target?
The office targets private credit, real estate, and infrastructure investments, generally at the mature stage, with a focus on generating stable returns.
Does Panda Restaurant Group participate in fund commitments or only direct deals?
The office engages in both direct deals and fund commitments, co-investing alongside institutional partners in private credit and infrastructure vehicles.
How is Panda Restaurant Group related to its philanthropic foundation?
Panda Cares is the charitable arm of Panda Restaurant Group, funded through store donations and corporate contributions. It operates separately from the family office but shares the same family mission.
Where does the underlying wealth come from?
The wealth originates from the Panda Express restaurant chain, which generates approximately $6 billion in annual sales from over 2,600 locations (per firm website).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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