General Electric is said to be nearing an agreement to sell its PE lending unit to the Canada Pension Plan Investment Board. The transaction, which would include over $10 billion in assets, would represent a substantial step in GE's recent efforts to exit the banking business as it seeks to focus on its core business roots. The entire lending unit currently holds around $16 billion in loans on its balance sheet that are comprised of various financings of under $100 million each. While the bulk of the lending unit is comprised of GE Antares Capital, another significant portion of GE's sponsor-finance business is co-owned through a joint venture with Ares Management, which would have to sign off on the sale of those respective loans if a deal were to close. According to reports, a transaction could be announced as soon as this week.