Peter Woo's family office is exploring the sale of approximately $1 billion in private equity fund stakes on the secondary market, according to Bloomberg sources. The process remains in its early stages, with the specific list of funds yet to be finalized. Wheelock Marden Capital, the investment arm of Wheelock & Co, is managing the sale.

Woo, a prominent Hong Kong real estate tycoon, built his wealth through property and took Wheelock private in 2020. His son, Douglas Woo, now chairs the group. The secondary market has experienced significant growth, reaching a record $121 billion in the first half of the year, driven by limited partners seeking liquidity amid difficult exit environments.

Stakes typically trade at steep discounts to net asset value. The potential sale reflects the broader trend of Asian capital retreating from China-focused funds while seeking liquidity in a challenging market.