Permira has hired a trio of banks to assess options including a sale of German fashion retail club Best Secret, which could be valued at more than €4 billion ($4.3 billion) in any exit, according to people familiar with the matter.

The private equity firm has chosen Deutsche Bank AG, JPMorgan Chase & Co. and Goldman Sachs Group Inc., the people said, asking not to be identified discussing confidential information.

Permira is mulling all options for Best Secret, they said, adding it’s more likely to receive interest from other large financial investors and hasn’t ruled out an initial public offering.

Representatives for Permira, Deutsche Bank, Goldman and JPMorgan declined to comment.

Buyout firms, eager to return cash to their investors, are preparing to sell more assets this year as calmer markets and improved financing conditions spark hopes of a rebound in deal activity after a near two-year slump. Permira is also looking to list luxury Italian shoemaker Golden Goose in Milan this year, Bloomberg News has reported.

Best Secret, based in Aschheim, Germany, operates as a members-only off-price fashion retailer, selling designer brands through its BestSecret.com website and stores in Germany and Austria. The company had more than €1.2 billion in revenue last year and a 15% earnings margin before interest, taxes, depreciation and amortization, the people said.

Permira acquired its parent company, Schustermann & Borenstein GmbH, from Ardian in 2016.