Wanda Light Asset’s $3 Billion Pre-IPO Round Draws PAG, Xinchen

Private equity funds PAG and Trustar Capital are among investors considering taking part in Wanda Light Asset Commercial Management Co.’s funding round, which could raise about 20 billion yuan ($3.1 billion), according to people familiar with the matter.

The local government of Zhuhai, a city in Guangdong province, is also weighing contributing more funds after making an earlier investment of 3 billion yuan into the Dalian Wanda Group Co. unit, the people said. Some other investors have been in further negotiations with the company, said the people, who asked not to be identified as the information is private.

Wanda Light Asset primarily operates and manages its parent’s 381 Wanda Plaza commercial complexes in more than 200 cities. The fundraising could value the Wanda unit at about 200 billion yuan, Bloomberg News reported in May. The company plans to complete the funding round before a planned $3 billion IPO in Hong Kong, the people have said.

Trustar Capital is a private equity arm of Citic Capital and manages $7.7 billion in committed capital, according to its website. Hong Kong-based PAG manages about $40 billion in assets with 11 offices globally.

Deliberations are ongoing and the private equity firms and Zhuhai government could decide against any investment, the people said. A representative for Citic Capital declined to comment, while representatives for PAG, Wanda and Zhuhai government didn’t immediately respond to requests for comment.

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