Cherng Family Trust

Established in 2001, the Cherng Family Trust is the multi-generational family office and investment firm of Andrew and Peggy Cherng, founders of Panda Restaurant Group. The firm employs a family-owned, long-term, flexible, and sustainable approach to wealth management, making direct private equity and fund investments across various industries while actively managing a diverse real estate portfolio. Their experienced professionals oversee the administration, finances, investments, legal, and charitable efforts of the Cherng family to develop associates, invest in communities, and effectively grow and sustain wealth.

The Cherng Family Trust's real estate activities encompass direct and joint venture investments in retail, office, industrial, hospitality, multi-family assets, and developable land throughout the United States and abroad. The family has been investing in a wide array of real estate types and geographies for over 40 years. In addition to real estate, the firm engages in private equity and venture capital investments across various sectors, including hospitality, consumer products, and technology.

The firm's leadership includes Chief Investment Officer Warren Woo and Managing Director Carey Do Kim, who joined in 2016 to expand the alternative investment platform. Under their guidance, the Cherng Family Trust has made significant investments, including a minority stake in Pieology Pizzeria in 2016 and the purchase of The Cosmopolitan of Las Vegas real estate assets in 2021. In 2025, the trust joined an investment group to purchase the NBA's Portland Trail Blazers from the estate of Paul G. Allen. These strategic investments reflect the Cherng Family Trust's commitment to sustainable growth and community investment.