NEW YORK, Thu Jun 14, 2012 – Clayton, Dubilier & Rice and at least two other private equity firms submitted bids for TCW Group in recent weeks as Societe Generale holds an auction to sell its Los Angeles-based asset manager, sources familiar with the situation said.
The sources said that TCW, which oversees about $128 billion in assets, including the TCW and MetWest fund families, could fetch about $700 million.
TCW’s management is leading the buyout discussions and is expected to take an equity interest if a deal materializes, according to sources. The private equity firms have lined up financing for the transaction, they said.
The names of the other two private equity firms could not be learned.
Spokespersons for SocGen, TCW and CD&R declined to comment.