The stakes potentially being sold include China-focused managers such as HSG, formerly known as Sequoia Capital China, and Vista Equity Partners, two of the people said. The process is in its early stages and the list of funds isn’t fixed, the people said, asking not to be named discussing private matters. 

Wheelock Marden Capital, an investment arm under the billionaire’s real estate firm Wheelock & Co, is behind the sale, the people said. The property firm is privately controlled by the Woo family, which delisted its shares from the Hong Kong exchange more than six years ago. 

Representatives for Wheelock and Vista Equity Partners didn’t respond to multiple requests for comment. A company spokesperson for HSG declined to comment. 

Secondary sales of private equity stakes have become more popular in recent years, with global volumes climbing to a record US$121 billion in the first half, according to a report by Evercore Inc. These transactions have been fuelled by high interest rates and the difficulty among some funds to deploy their capital.

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