The Hong Kong Jockey Club is divesting as much as $1 billion in funds held with Blackstone Inc and other buyout firms, according to people familiar with the matter.

The Jockey Club, which operates horse racing in the finance hub and is one of the city’s biggest asset allocators, is selling mostly US assets held with firms that also include TA Associates Management LP, Warburg Pincus, and Clayton Dubilier & Rice, the people said.

The sales come as other Asia funds and wealthy investors dial back investments in the US, concerned that President Donald Trump’s trade wars have made the world’s largest economy much less predictable.

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About 10 family offices and advisers to the ultra-rich who oversee billions of dollars said they’re reducing their exposure or freezing investments, mostly in US equities and Treasuries, Bloomberg reported in May.

The Jockey Club’s assets are being sold through different vehicles, with one containing some $700 million of assets, according to one of the people.

The asset owner initiated the sale process in the first quarter, and some buyers started looking at the deal in April. Jefferies Financial Group Inc is leading the deal, the people said. Secondaries Investor reported the Jockey Club was seeking to sell a $500 million portfolio.

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Warburg and Blackstone declined to comment. CD&R and TA Associates didn’t respond to queries. The Hong Kong Jockey Club and Jefferies didn’t immediately respond to requests for comment.

A nonprofit organization founded in 1884, the Jockey Club also operates sports betting and a Mark Six lottery. It saw about HK$305 billion ($38.85 billion) in annual customer betting, with HK$43 billion in revenue from this segment and the lottery business, according to its website.