Carlyle Group LP raised $671 million in its initial publicoffering, pricing below the marketed range after struggling to wininvestors wary of the track record of publicly traded buyoutfirms.

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

Carlyle is seeking to avoid the fate of Blackstone, ApolloGlobal Management LLC and other alternative asset managers, whosestocks have tumbled in public trading. Investors have struggledwith how to value private equity firms partly because theirearnings are hard to predict, with the bulk coming from buyoutfunds that sell assets at various times.