(Bloomberg) -- CC Capital Partners raised its offer for Insignia Financial Ltd. to about A$3.1 billion ($1.9 billion) as a bidding war between private equity players wanting to buy the Australian money management firm enters a new phase.

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CC Capital sweetened its bid to A$4.60 per share, Insignia said in a statement Friday. That tops its earlier approach and a separate offer from Bain Capital. 

The deal marks a potential opportunity for an overseas private equity firm to cut costs and reduce debt at Insignia, which manages A$320 billion. The firm traces its roots back to 1846 with a business that now spans financial advice and the management of retirement savings. 

Insignia Chief Executive Officer Scott Hartley has said the firm is targeting affluent people in need of savings advice in Australia, home to a A$4 trillion pension industry that’s growing fast. 

(Adds detail on deal from first paragraph)

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