TPG Said in Talks on €4.5 Billion Deal for Permira’s Alter Domus

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 & Friedmanand 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 ...