CFG currently have 12 clubs in their current portfolio, including the likes of New York City, Melbourne City, Girona and Troyes.
Their most recent purchase was an 80% stake in Serie B club Palermo, but after buying a club in Italy they now appear to be turning their attention to South America.
According to Manchester Evening News, CFG have submitted a bid of 1 billion reais (£174.9m) to obtain a 90% stake in Bahia, who currently play in the second tier of Brazilian football.
The offer also includes an option for an additional 5% stake in the club, with the deal only possible after a recent law change allowed Brazilian clubs to receive outside investment.
CFG will only be able to take control of Bahia if the club's members grant approval for the offer to be accepted.
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