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Carlyle Group LP raised $671 million in its initial public offering, pricing below the marketed range after struggling to win investors wary of the track record of publicly traded buyout firms.

The Washington-based firm sold 30.5 million shares for $22 each, according to a statement yesterday, fetching 12 percent less than it sought after offering the stock for $23 to $25. That represents a 65 percent discount to larger rival Blackstone Group LP.

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