MayFair Equity Partners is close to a deal to buy UK ro-pax operator Wightlink.
Sky News cited sources as saying the fund is one of a small number of bidders in talks with the company's owner, Basalt Infrastructure Partners.
The price has previously been estimated at £300m ($384m).
Discussions are at an advanced stage, the report said.
Arcus Infrastructure Partners was also said to be reviewing a bid.
A deal could be announced in the coming weeks, although it may conclude early in 2019.
Mayfair has declined to comment.
Wightlink owns nine ro-paxes and catamarans.
