Citing people familiar with the situation, the Journal said a deal has been held up by issues including contract negotiations with Neuberger's money managers as well as the details of a purchase of some of Lehman's private-equity businesses.

According to the paper, the private equity companies would pay much less than what Neuberger and Lehman's other money-management assets would have fetched before Lehman filed for bankruptcy protection. It said the deal could still fall apart.

Lehman's holding company filed for Chapter 11 bankruptcy protection earlier this month after trying to finance too many risky assets with too little capital.

Lehman, Bain and Hellman were not immediately available for comment. -- REUTERS