Reports indicate that Peter Woo's family office is exploring the divestment of a private equity portfolio valued at approximately $1 billion. Sources familiar with the matter reveal the potential sale encompasses stakes in China-focused fund manager HSG, previously known as HongShan (Sequoia China), alongside Vista Equity Partners.

The transaction remains in its preliminary phase, with the definitive list of funds for sale yet to be finalized. The divestment initiative is spearheaded by Wheelock Marden Capital, the investment arm of Wheelock & Company, which serves as the Woo family's private holding entity. Wheelock, once a publicly traded Hong Kong enterprise, underwent a successful privatization in 2020.

The private equity secondary market has witnessed a notable surge in activity in recent years. Amidst elevated global interest rates and capital deployment challenges faced by certain funds, investors are increasingly inclined to sell existing private equity holdings to unlock liquidity. Data indicates that global transaction volumes in this sector reached a record $121 billion during the first half of this year.

Wheelock & Company and Vista Equity Partners have not responded to inquiries regarding the report, while HSG (HongShan) declined to offer any commentary.