Asia-focused investment firm PAG is considering an initial public offering in Hong Kong, according to people with knowledge of the matter, in what would be one of the biggest listings by a buyout firm in the region.

PAG has been speaking with advisers about a potential listing, the people said, asking not to be identified as the information isn’t public. It could aim to raise around $2 billion if it decides to go ahead, the people said.

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

Read more: Bloomberg