The company could be valued at between $200m and $300m, said Reuters, citing two people familiar with the matter.
E.l.f., which is part-owned by private equity firm TSG Consumer Partners, has hired investment bank Financo to advise on a sale.
L’Oreal SA previously considered acquiring E.l.f. but chose to buy makeup brand Urban Decay instead, said the sources.
Earlier this month TPG backed the management buyout of PJ United, the largest franchisee of Papa John’s Pizza, from The Halifax Group.
The firm closed its most recent growth equity fund on $2bn back in August 2012. Investors in the new fund included the California Teachers’ Retirement System.
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