Blackstone and TPG have lined up a new management team to take charge of the company once the deal is completed, said Sky News, with both firms expected to pour capital into the business.
The deal has not yet been finalised but could be announced later this week.
UK-based Kensington provides ‘specialist’ mortgages whose clients include people with a poor credit history, or cases such as self-employed people looking to buy a home to buy to let.
Investec bought Kensington for £283m in 2007.
At the start of August, Blackstone and TPG were both reported to be interested in buying older, off-patent drugs from pharmaceutical groups GlaxSmithKline and Sanofi.
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