Private equity firm Ardian was in talks to buy PE fund stakes worth more than $2 billion from Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, Bloomberg reported on Monday, citing sources.

Paris-based Ardian, formerly known as Axa Private Equity, has made a bid on portfolios that ADIA is looking to sell, the news agency quoted two people with knowledge of the deal as saying.

The sources told Bloomberg the offer by Adrian for the portfolio consisting mostly of buyout fund stake had come before ADIA, the investment vehicle of the Abu Dhabi government, and could start a formal sale process.

Both Adrian and ADIA could not immediately be reached for comment outside of regular business hours in the UK. – Reuters