(Bloomberg) -- PAG has filed for an initial public offering that could value the Asia-focused private equity firm at about $20 billion, people with knowledge of the matter said. 

The investment firm submitted a listing application to the Hong Kong stock exchange on Friday, according to the people, who asked not to be identified because the information is private. The offering could raise at least $2 billion, the people said. 

PAG, led by Chinese dealmaker Weijian Shan, is one of Asia’s largest alternative asset managers with about $47 billion under management, according to its website. It runs a variety of strategies including private equity, private debt, distressed, real estate and absolute return funds. PAG agreed in 2018 to sell a minority stake to Blackstone Inc. 

The offering is poised to be one of Hong Kong’s biggest listings in a year that’s seen a drought of major share sales. Goldman Sachs Group Inc. and Morgan Stanley are joint sponsors of the planned offering, while UBS Group AG is acting as financial adviser, the people said.

Representative for PAG and the banks declined to comment or didn’t immediately respond to queries. 

The Hong Kong-based firm would join a number of global rivals seeking public listings. TPG Inc. raised $1 billion earlier this year in a U.S. IPO, while CVC Capital Partners has lined up banks for a share sale that could value it at more than $20 billion, Bloomberg News has reported.

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