TPG in talks to buy fund administrator Alter Domus

TPG is in talks to acquire Permira-backed fund administrator Alter Domus, in a deal that could be valued at €4.5bn (£3.8bn).

The buyout firm is competing with rival bidders Hellman & Friedman and Cinven, according to people familiar with the matter cited by Bloomberg.

Read more: Alter Domus unveils client partnerships team to support private markets firms

If the acquisition comes to fruition, it will be one of the largest European private equity deals of the year.

However, Permira has not yet made a final decision on a winner and there is no certainty that a deal will be reached, the people said.

Bidders reportedly offered information on their history of investing in regulated financial businesses to improve their chances of securing the deal.

Read more: Permira Credit hires new co-heads

Alter Domus handles administrative and compliance issues for both private equity and private credit firms. It has around $2.2tn (£1.7tn) under administration.

Permira, which invests in private credit alongside its private equity business, backed Alter Domus in 2017.