The Carlyle Group Inc. (NasdaqGS:CG) is in advanced discussions to acquire Todd Boehly's CBAM Partners, LLC investment firm as the private equity giant seeks to expand its reach across credit markets, according to people with knowledge of the matter. A potential transaction could value CBAM, which is majority owned by Boehly's Eldridge Industries LLC, at $750 million to $850 million, said the people, who asked not to be identified because the conversations are private. CBAM has no debt of its own.

The New York-based firm, which manages more than $15 billion primarily through collateralized loan obligations, has attracted interest from other asset managers that are looking to expand their credit offerings, including Investcorp Holdings B.S.C., the people said. Carlyle didn't respond to requests for comment. Representatives for Eldridge Industries, CBAM and Investcorp declined to comment.

Negotiations between Carlyle and Eldridge are expected to continue on an exclusive basis until mid- to late February 2022, the people said. No deal has been finalized and talks could still fall apart.