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Advent is conducting due diligence and may form a consortium, the report said, citing sources.
A 10% stake in the bank would be valued at 33.64 billion rupees, the report said, adding that the proposed investment could be through a preferential allotment.
The talks are ongoing and may collapse if the share price surges or if there is any regulatory roadblock, the report said.
Advent and Yes Bank did not immediately respond to Reuters requests for comments.
The Reserve Bank of India in 2020 had taken control of Yes Bank, after the bad debt-laden lender had failed to raise the capital needed to stay above mandated regulatory requirements.
Later, State Bank of India and several private lenders stepped in to infuse money into the lender and bail it out to address systemic risk concerns.
($1 = 74.7200 Indian rupees)
