The data room for Perpetual Limited (ASX:PPT)'s $1 billion-plus corporate trust unit sale is probably becoming a crowded one, with more private equity firms believed to be emerging around the hoop of the highly sought after asset. The latest name to come up in the conversation is The Carlyle Group Inc. (NasdaqGS:CG), although there are questions as to whether it is among the more serious contenders. These include its industry rivals such as the UBS-advised Permira Advisers Ltd., EQT Private Capital Asia (BPEA EQT), advised by Barrenjoey, KKR & Co.

Inc. (NYSE:KKR), advised by Jefferies, and TA Associates Management, L.P., which is working with Morgan Stanley and is thought to be more focused on the wealth management arm. So far, the talk from some is that it's the wealth management arm that Perpetual is most likely to part with. But others say there's work being undertaken to split Perpetual's wealth and corporate trust units into two separate vehicles to avoid major capital gains tax payouts from a sale.

After first-round bids were received, updated bids are due at the end of the month.