(Bloomberg) -- KKR & Co. has held talks with a number of private credit funds for a debt package of at least A$800 million ($525 million) to support its bid for Perpetual Ltd.’s corporate trust and wealth management units, according to people familiar with the matter. 

The discussions with Blackstone Inc. among others have focused on possible funding channels including a private-credit loan, the people said, asking not to be identified as the discussions are private. The private equity firm plans to raise separate financing for each of the businesses, one of the people said. 

Both KKR and Blackstone declined to comment when contacted by Bloomberg. 

Australian-based wealth manager Perpetual confirmed Monday it was in exclusive discussions with KKR for the sale, five months after announcing a review of the two units to unlock value for shareholders. 

Perpetual earlier received interest from bidders including EQT AB, according to media reports. Perpetual rejected a A$3.5 billion bid from Australian investment firm Washington H Soul Pattinson & Co. in December.  

KKR’s discussions with institutional lenders reflect the emerging prominence of private credit — currently a $1.7 trillion market globally — as a credible alternative to bank financing. 

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