(Bloomberg) -- The Philippine Investment Alliance for Infrastructure Fund is weighing selling an oil storage and pipeline company in the country, according to people with knowledge of the matter.

PINAI, as the fund is known, could raise at least $500 million in a potential exit from its investment in Philippine Coastal Storage and Pipeline Corp., the people said, asking not to be named as the information is private. The company plans to wrap up collecting non-binding bids as soon as next week, the people said.

Deliberations are still ongoing and PINAI can still choose not to proceed with the planned deal, said the people.

A representative from Rippledot Capital Advisers Pte confirmed it has been hired to work on the sale, but declined to comment on the other details of the process. A representative for Philippine Coastal did not respond to requests for comment. A representative for Macquarie Infrastructure and Real Assets, PINAI’s manager and an investor in the fund, declined to comment.

Launched in 2012, PINAI is a closed-end $625 million fund dedicated to equity investment in Philippine infrastructure, according to a press release.

Philippine Coastal operates petroleum storage and pipeline facilities at the Subic Bay freeport zone north of the capital, according to its website. The company was acquired by PINAI in 2014. Its Subic facility consists of 30 aboveground and 42 underground tanks that store and handle petroleum and petroleum related products, according to the site. The facility has a total capacity of 4.6 million barrels.

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