Stonepeak may be looking at lots of acquisition opportunities in Australia, but Loscam Australia Pty Ltd. will not be one of them. After being linked to the sale of the pallets business for some time, Stonepeak - the infrastructure investor that counts former Macquarie banker Darren Keogh among its top executives - is understood to have moved on from the pallet pooling business. Yet that's not to say it won't be the case for Blackstone Inc. (NYSE:BX).

Blackstone, the New York-based buyout fund that is a prolific investor in Australia, is now understood to have been among the 10-odd parties given the documents to take a look at the business. Blackstone is sharply focused on buying $5 billion-plus AirTrunk, hiring Morgan Stanley for a tilt at the data centre operator up for sale through Goldman Sachs and Macquarie Capital and into the second round of the sale process. EQT had been looking but is understood to no longer be in the mix.

Other possibilities are The Carlyle Group Inc. (NasdaqGS:CG), although it may be less competitive against infrastructure buyers, which may also include Morgan Stanley Infrastructure and Brookfield. Investment bank UBS is working for Loscam. It is understood that management presentations have been held with the prospective suitors.