Three private equity investors – Apax Partners, TA Associates and Carlyle – have made the shortlist to acquire a significant minority stake in Singapore-based engineering outsourcing firm Quest Global in a $1 billion deal that could value the business at around $2.5 billion.

And the report cites unnamed sources as revealing that other PE funds could make the cut too, with existing investors Advent International and Bain Capital, which together own around 33% of the company, also looking to monetise their five-year-old investment. Singapore’s investment firm GIC, which owns a small 2-3% stake in the company, may also sell its stake, according to the sources.

The shortlist was drawn up late last week after an initial screening of non-binding bids for an up to 40% stake in the business, and through the weekend after several contenders, including sovereign fund ADIA and TPG, also submitted their offers. The detailed diligence process is expected to begin shortly.

Read more: Private Equity Wire