MUMBAI: Billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5 billion in equity across his sprawling business empire and reduce leverage, people familiar with the matter said. The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment and Abu Dhabi Investment Authority (ADIA) about investments, the people said, asking not to be identified as the information is private. Adani’s group is looking to other large investment funds in the Middle East as well as in Canada to invest, they said. The group has even discussed raising as much as $10 billion, one of the people said. Flagship firm Adani Enterprises is considering issuing $1. 8-2. 4 billion in new shares as soon as next year. The $5-10-billion target would include the fundsraised in the potential Adani Enterprises share issue, one of the people said. Representatives for Adani Group, Mubadala, ADQ and ADIA declined to comment. A spokesperson at QIA declined to comment while Royal Group didn’t immediately respond to messages seeking comment.