Ardian is in talks with Temasek and plans to partially fund the deal with debt and sell some of the stakes to its investors, said Bloomberg, citing two people with knowledge of the situation.
The deal could be completed later this month, said the sources.
Earlier this month Ardian bought $1bn worth of stakes in private equity funds from General Electric.
A fortnight ago it was reported that Ardian had received bids of around €1.2bn for France-based natural ingredient-maker Diana.
The firm bought Diana in 2007, paying €710m to European mid-market buyout firm Cognetas.
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