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The firm aims to exceed the size of Affinity Asia Pacific Fund III LP at $2.8B -- for the fourth fund.

Affinity Equity Partners, an Asia-focused private equity firm founded by former top UBS bankers, is working on a plan to raise a new multi-billion-dollar buyout fund to tap more deals in the fast-growing region, sources told Reuters on Monday.

The firm, founded in 2002 by K.Y. Tang, former chairman of UBS Capital, Asia Pacific, aimed to exceed the size of its most recent fund -- Affinity Asia Pacific Fund III LP at $2.8 billion -- for the fourth fund, the sources said.

Major institutional investors, also known as limited partners (LPs), in Affinity, had been briefed on the plans, although formal fundraising road shows would start in the second half, said the sources familiar with the matter.

Affinity's LPs include many U.S. and European pension funds, such as California Public Employees' Retirement System, also known as CalPERS, the biggest U.S. pension fund.

The sources declined to be identified as the fundraising plan is private and confidential. Affinity was not immediately available for comment.