With the sale of Lehman Brothers' investment Management unit which includes Neuberger Berman, said to be imminent, Private Equity News is reporting that the final race is between three bidders, all private equity firms: b>Clayton Dubilier & Rice, Bain Capital and Hellman and Friedman.

The info came from Henry Ramallo, a managing director and senior portfolio manager at Neuberger, who was speaking at a conference of clients of Swiss bank and asset manager Union Bancaire Privée.

Ramallo also said that Carlyle dropped out of the race and said he thinks KKR has not done enough due diligence.

Bids for the Lehman's investment management unit reportedly came in around $5 billion.  

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