Alternative asset manager TPG is looking at a plan to go public through a conventional initial public offering or a transaction with a special purpose acquisition company, a person familiar with the matter said.

The San Francisco-based firm, a closely held partnership, is more likely to choose an IPO, said the person, asking not to be identified because the matter is private. The company could be valued at around $10 billion, the person said. No decision has been finalized and the firm, which has explored options over the years, could again decide to remain private.

“As we have consistently stated, we evaluate various strategic alternatives from time to time,” a TPG spokesperson said in an emailed statement to Bloomberg News. “No decisions have been made and we have nothing to announce at this time.”

TPG was founded as Texas Pacific Group in 1992 by Jim Coulter and David Bonderman. The firm’s willingness to take massive bets on unloved or risky companies has often paid off. It was an early investor in Uber Technologies Inc. and Airbnb Inc.

The firm, which makes bets in private equity, real estate and hedge funds, also has its own SPAC platform. Last year, it ended a partnership with credit platform Sixth Street.

TPG has $91 billion in assets under management, according to its website. Its closest peers, including Blackstone Group Inc., Carlyle Group Inc., Apollo Global Management Inc. and KKR & Co., are publicly traded.