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LONDON – The private equity firm TPG Capital on Friday said it was abandoning its £508 million ($818 million) bid for GlobeOp Financial Services, a major provider of administrative services for hedge funds

The announcement leaves SS&C Technologies Holdings, a software development company, as the lead bidder. Last month, SS&C made a rival £572 million offer for GlobeOp, which is based in London.

“Over the past few weeks TPG had been pursuing a number of strategic alternatives in order to revise its offer,” TGP said in a statement. “However, after substantial investigation, TPG has determined that an improved offer could not be concluded on terms which would deliver sufficiently strong returns to all stakeholders.”

GlobeOp, founded in 2000, provides administrative services for hedge funds, including calculating the net asset values of those firms’ portfolios. It has about 200 clients and oversees $173 billion in assets, according to the company’s Web site.

In early afternoon trading in London, the company’s share price had fallen 1.5 percent.