One of the UK's largest listed asset managers, Abrdn, is understood to be preparing to sell its private equity funds business as part of a broader shake-up by CEO Stephen Bird.

The deal, first reported by Sky News, adds to a growing list of recent acquisitions involving private markets managers.

Corporate broker Numis estimated in a note in May that the possible sale—which is reportedly being advised by investment bank Rothschild & Co—would value the business at around £147 million (about $176 million).

Abrdn's private markets division—which manages around £13 billion in assets— has seen several high-level departures of late. Among them was PE head Mark Redman, who left the business four months ago after joining in 2020. The parent company meanwhile has suffered £6.2 billion in net outflows from its public equities portfolio as a result of market volatility.

Earlier this month it was reported that Mubadala is also looking to acquire SoftBank-owned Fortress Investment Group. In April, US firm Franklin Templeton acquired secondaries player Lexington Partners for an estimated $2.1 billion. A month earlier, Sweden's EQT also completed its acquisition of VC firm LSP, creating EQT Life Sciences.

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This article originally appeared on PitchBook News