The Perella Weinberg Asset Based Value Strategy bought the business, which is now called Flagship Rail Services LLC, in 2011 from insurer American International Group. That deal was valued at around $600 million, according to reports.
Perella has retained the Macquarie Group to sell the business, according to two of the sources, who wished to remain anonymous because they are not permitted to speak to the media.
Valuation of the deal could not be determined.
Spokeswomen for New York-based Perella Weinberg and Macquarie declined to comment.
The sales process just recently started and first round bids are due in the next several weeks, two of the sources said.
The Perella Weinberg Asset Based Value Strategy, which is alternative investment strategy that is comprised of both hedge fund and private capital investment vehicles, had $2.1 billion in assets as of May 1, according to the firm. The fund is managed by David Schiff, a partner at Perella Weinberg.
Jessica Toonkel is a reporter for Reuters in New York