New York-based Cerberus Capital Management is in talks to make its first investment in Mongolia as part of a broader push into the world’s riskiest markets.

The private equity firm, which manages $39bn of assets including shares in Deutsche Bank and Avon, is in talks to buy a stake in the telecommunications and consumer goods units of MCS Group, one of Mongolia’s largest companies, according to people familiar with the situation. Cerberus may offer $110m for a 25% stake in the units, one of the people said.