Carlyle Said to Raise $950 Million for South America Fund

Carlyle Group is set to raise $950 million for investments in South America as the U.S. buyout firm assembles its first private-equity fund dedicated to the region, a person with direct knowledge of the plan said.

Carlyle has lined up about $730 million for the fund from institutional investors, according to the person, who wasn’t authorized to comment publicly. State-controlled lender Banco do Brasil SA is committing about $220 million to a related partnership that will target investments in Brazil, where Carlyle’s nine-member South America team is based, two people familiar with the venture said.