LV claims it would offer a better home for MGM, which is looking to raise capital for expansion and close its traditional pensions and savings business to new customers, the Sunday Times reported.
Evercore Partners was hired earlier this year to find buyers for the business.
US buyout giant Blackstone is also understood to have expressed an interest in buying the company, although the firm eventually decided not to table an offer.
The company is said to be seeking £200m of fresh equity.
TDR Capital has set a €1.75bn target for its third fund and will hit the fundraising trail during the second half of the year, a person familiar with the matter told AltAssets in June.
The firm, which was set up by two former Deutsche Bank executives nearly a decade ago with the backing of hedge fund heavyweight Tudor Investment Corp, has set a similar target to its €2.2bn second fund but opted out of raising a ‘friends and family’ sidecar vehicle this time round.
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