Citigroup May Sell CVC Stake to Harbourvest, Pantheon

Citigroup Inc., the third-biggest U.S. bank by assets, may sell more than $500 million of investments in funds managed by buyout firm CVC Capital Partners Ltd., three people with knowledge of the matter said.

Harbourvest Partners LLC, based in Boston, is in exclusive talks with the bank to buy a group of stakes in Europe, said the people who declined to be identified before an agreement is announced. Pantheon, a London-based fund manager, is in negotiations to buy stakes in two Asian funds managed by CVC.