Private-equity firms Bain Capital LLC and Clayton Dubilier & Rice, Inc. have put in bids for Lehman Brothers’ asset-management unit, according to people familiar with the situation, Bloomberg reported Friday.

The bids value the investment unit at about $5 billion, the sources told Bloomberg. KKR & Co. LP, which was eyeing the unit, hadn’t put in an offer by the 5 p.m. deadline, the buyout firm told people familiar with the matter, according to the Bloomberg report.

San Francisco-based Hellman & Friedman LLC may also have submitted a bid, sources told Bloomberg. Representatives for Lehman Brothers (LEH) and the involved private-equity firms declined to comment, Bloomberg reported.

Lehman Brothers, whose shares saw steep declines this past week, announced its plans to sell 55% of its investment unit on Sept. 10. The beleaguered investment bank's chief executive is in talks with Bank of America and others to sell all of Lehman, which could potentially disrupt the sale of its investment unit, according to the Bloomberg report. 

The Federal Reserve Bank of New York called an emergency meeting Friday night to discuss the future of the firm.