Cinven is exploring a potential sale of UK wealth management platform True Potential, which could value the business at several billion pounds, according to Bloomberg.

The private equity firm has reportedly held preliminary discussions with potential advisers about a transaction, although deliberations remain at an early stage and there is no certainty a sale will proceed. Cinven acquired a majority stake in the Newcastle-based business in 2021, in a transaction reportedly valuing it at up to £2bn.

Founded in 2007, True Potential provides financial advice and investment platform services, managing more than £40bn in assets for over 640,000 clients. A potential disposal would come amid continued consolidation in the UK wealth management industry, driven by rising regulatory and technology costs alongside growing demand for financial advice.

Recent transactions include NatWest’s £2.7bn acquisition of Evelyn Partners, while Canaccord Genuity has reportedly been in discussions to sell its UK wealth management operations to a consortium led by Centerbridge Partners. Cinven declined to comment on the potential transaction.