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Founded in 2005, the Cherng Family Trust Office (CFT) is a single-family office organization accountable for the administration, finances, investments, and charitable initiatives of Andrew & Peggy Cherng and their family. CFT's Alternative Investment platform primarily makes direct and indirect private equity, private debt and venture capital investments across various sectors, including hospitality. The Cherngs, who founded Panda Express in Glendale, California in 1983 and grew it to more than 1,900 locations worldwide, have a combined net worth of about $6.2 billion, according to Forbes. In 2016, the family bought a minority stake in the rapidly growing fast-casual chain Pieology Pizzeria, which in June acquired competitor Project Pie. The Cherngs have also been active in real estate, having recently bought a two-acre parcel in Hawaii to build a shopping complex that will include a Panda Express restaurant as well as other retail and restaurant tenants. In 2018, it was announced that the Cherng Family Trust purchased the former Mandarin Oriental hotel on the Las Vegas Strip and rebranded it as a Waldorf Astoria. The total acquisition price for the property was $214 million.
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