CVC reportedly in talks to buy TPG's stake in jeweller APM Monaco

European private equity group CVC Capital Partners is in talks to buy a stake in Monaco-based fashion jewellery brand APM Monaco from US investment firm TPG, Bloomberg reported, citing people familiar with the discussions.

CVC has moved ahead of rival bidders and is now seen as the frontrunner for the holding, according to the report, though other private equity firms have also shown interest and further suitors could still emerge. The talks are continuing and no agreement has been reached, the sources told Bloomberg. Representatives for CVC and TPG declined to comment.

The approach follows TPG's decision, first reported late in 2025, to weigh its options for APM Monaco through either a sale of its stake or a stock market listing. The firm has been seeking a valuation of at least two billion dollars for the business.

TPG built its position in the jeweller in 2019, when a consortium it led took a 30 percent interest alongside European investment firm Trail and investment firm China Synergy, investing through the group's Asia-focused private equity arm. APM Monaco filed for an initial public offering in Hong Kong in 2021, but the listing never went ahead. TPG managed around 286 billion dollars in assets as of late September 2025.

APM Monaco was founded in 1982 by Ariane Prette and her son Philippe Prette, initially as a manufacturer supplying gold and gemstone pieces to established jewellers. The family launched the consumer-facing brand in 2012 under Philippe Prette, now chief executive, and his wife Kika Prette as creative director, repositioning the company around accessible sterling silver fashion jewellery. It now operates around 500 stores worldwide, with a particularly strong presence across Asia, and remains family-controlled despite TPG's minority holding.

A stake would extend CVC's reach in accessible-luxury accessories. The firm, which managed about 205 billion euros in assets at the end of 2025, already owns Swiss watchmaker Breitling, in which it invested in 2017, and Japanese streetwear label A Bathing Ape. Investor appetite for fashion jewellery has held up as shoppers trade into lower-priced categories, a backdrop that has made fast-expanding brands such as APM Monaco attractive targets.