UPDATE 1-Hong Kong's PAG seeks as much as $6 bln for new Asia PE fund -sources


* PAG's new fund will be its third and largest to date

* PAG started sounding out investors in recent weeks - sources (Adds details on fundraising and PAG)

HONG KONG, April 13 (Reuters) - Hong Kong-based PAG is planning a new Asia private equity fund, adding to a massive pool of private equity money readied for acquisitions in the region, six people with knowledge of the plan told Reuters.

PAG aims to raise as much as $6 billion with the new fund, its third and largest to date, two of the people said. The firm raised $3.6 billion with its second Asian fund in 2016.

PAG has not yet formalised the fund size or the fundraising schedule, they said, adding that the plan is subject to change.

A spokesman for PAG said the information is incorrect without elaborating. He declined to comment further. The people declined to be identified as the fundraising plan was confidential.

Joining a slew of global and regional private equity firms that have raised record-level funds for investments in Asia or cross-border deals, PAG started sounding out investors in recent weeks, according to the people.

Trade publication AVCJ first reported the fundraising plan earlier on Friday, saying PAG's target was $4.5 billion.

PAG's regional peers such as Hillhouse Capital Group, Baring Private Equity Asia and Primavera Capital are all currently raising money for their own private equity funds, people with knowledge of the activities have told Reuters.

Founded in 2002 by Weijian Shan, a well-respected Chinese dealmaker who has previously worked at TPG Capital and JPMorgan Chase & Co, PAG now manages more than $20 billion in capital.

(Reporting by Kane Wu; Editing by Sumeet Chatterjee and Edwina Gibbs)