I don't think it is likely PAC will be able to invest more money...

I don't think it is likely PAC will be able to invest more money into GQG. If anything, I think it would be more likely that PAC, along with other non-management shareholders would be required to sell some (hopefully not all) of its 5% stake into the IPO to come up with the 20% (perhaps pro-rata?) stake to be offered to the market, as I don't think it would be a good look to see management selling down the entire 20%. Does anyone know what the terms of the shareholders agreement stipulate? I don't think this has ever been disclosed, but would be delighted if someone can point me in the direction of where it has been.
So my view is best case, PAC would have to pro-rata down from 5% to 4%, hopefully no more than that...but who knows unless we can get a peek at the shareholders agreement and its terms.