TPG-led consortium’s sale process for its 30% stake in APM Monaco has advanced to the binding round, according to four sources familiar with the matter.

CVC, Boyu and L Catterton are among the contenders in the binding round, several sources noted.

Binding bids are due around mid-July, one source noted, adding that the deal could be worth around USD 500m for TPG’s 30% stake.

CVC has talked to several lenders for a potential financing, according to two sources familiar with the situation.

A consortium led by TPG is working with Goldman Sachs to sell its 30% stake in the fashion jewellery retailer, according to a report by this newswire on 30 January.

TPG had previously explored a dual-track process in early 2026 for a potential stake sale or IPO, aiming to fetch a valuation of at least USD 2bn, according to a report by Bloomberg in December 2025.

TPG, alongside its consortium partners, acquired the 30% stake in APM Monaco in 2019. A previous attempt to list the company in Hong Kong in 2021 did not materialise, says the Bloomberg report.

Founded in Monaco in 1982, APM Monaco now has its operational headquarters in Hong Kong. It employs a global workforce of over 2,000 people and operates approximately 500 stores worldwide, according to its website.

TPG declined to comment. CVC, Boyu and L Catterton did not respond to requests for comment.