The family office of Peter Woo, Hong Kong’s sixth-wealthiest individual, is reported to be exploring the sale of around US$1 billion worth of private equity stakes.
The potential sale includes holdings in China-focused managers such as HSG, which was formerly Sequoia Capital China, and tech investor Vista Equity Partners, Bloomberg reported, citing sources familiar with the matter.
The process remains in early stages and the roster of funds to be sold is subject to change, the sources said, the sale is being handled by Wheelock Marden Capital, an investment unit of Woo’s property firm Wheelock & Co.
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Peter Woo, Chairman of The Wharf (Holdings) Limited and Wheelock and Company Limited, speaks at a press conference in Hong Kong, China, June 6, 2013. Photo by Imaginechina via AFP |
Woo, who led Wheelock and its main subsidiary Wharf Holdings before retiring as chairman in 2015, ranked sixth on Forbes’ list of the richest people in Hong Kong in February. He has an estimated net worth of US$14.6 billion based on the magazine’s real-time data.
The property tycoon began his career in 1972 at the Chase Manhattan Bank in New York, where he met his future wife Bessie, who is also the daughter of shipping magnate Y.K. Pao. He joined her family’s business in Hong Kong three years later.
The Woo family privately controls Wheelock & Co., which has interests spanning property, telecommunications, ports and retail. Its assets include luxury department store chain Lane Crawford.
Wheelock was taken private in 2020 and is currently chaired by Woo’s son Douglas.
