Bain Capital is considering a bid to acquire Toshiba.
That's according to two Reuters sources.
The move would make it one of several firms eyeing up the Japanese conglomerate.
Bain has reportedly already entered talks with Japanese banks including Mizuho over funding.
Toshiba is already the subject of a $20 billion buyout bid by CVC Capital Partners.
But it has dismissed that offer as lacking substance.
Now it's unclear whether Bain plans to team up with other investors, or go it alone.
It has form for complex deals involving Toshiba.
In 2017 it led a consortium including Apple to take over the firm's chip unit.
None of the firms involved would comment on the latest reports.
Toshiba has previously said it would weigh up any offers that came in.
Other potential bidders are thought to include private equity giant KKR.