Global alternative asset manager The Carlyle Group and individual investor Guilherme Paulus have sold a combined 45 percent stake in Brazil-based travel agency CVC Brasil Operadora e Agência de Viagens via a secondary offering with restricted distribution on the BM&FBOVESPA. Carlyle and Paulus, who co-founded CVC in 1972, sold 60 million shares returning BRL1.23 billion (approximately US$391 million). After the transaction, the two investors will retain a combined 24 percent stake in CVC.