(Bloomberg) -- TPG Inc. has emerged as the highest bidder for Alter Domus, the fund administration company backed by Permira, in what’s set to be one of the biggest European private equity deals this year, according to people familiar with the matter.

The buyout firm is competing with rival suitors Hellman & Friedman and Cinven to acquire the business, the people said, asking not to be identified because the information is private. A transaction could value Alter Domus at about €4.5 billion ($4.9 billion), the people said. 

Permira is still studying the proposals and hasn’t yet made a final decision on a winner, the people said. Bidders have also offered information on their history of investing in regulated financial businesses in the hopes of being seen as the best owner, one of the people said. 

Deliberations are ongoing, and there’s no certainty a deal will be reached. Representatives for Alter Domus, Cinven, Hellman & Friedman, Permira and TPG declined to comment. 

Alter Domus handles administrative and compliance issues — including cash management and know-your-customer requirements — for private equity and other alternative investment firms. The company, founded in 2003, has about $2.2 trillion under administration.

Permira, which invested in Luxembourg-based Alter Domus in 2017, owns the business together with founder Dominique Robyns and other private shareholders. 

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