U.S. funds Fortress Investment Group (FIG.N), Bain Capital and Blackstone(BX.N) have been picked to submit binding bids for a 1 billion euro ($1.1 billion) Italian bad loan portfolio, two sources said.

As part of Italy’s rescue of Banca Marche, Banca Etruria, CariFerrara and CariChieti in November 2015, gross bad debts from the four banks worth 10.3 billion euros were spun off into a separate vehicle, dubbed REV-Gestione Crediti.

REV, which is being advised by KPMG, has shortlisted the three U.S. funds after receiving more than two dozen expressions of interest in the portfolio, which is mainly backed by property assets, the sources said.

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