Carlyle Group LP agreed to buy TCW Group Inc. from Societe Generale SA in a deal that will give TCW’s management and employees a 40 percent stake.

Carlyle will fund the purchase of the $127 billion money manager through two of its private-equity funds and with money from TCW’s management, according to a joint statement today from the Washington-based private-equity firm and the Los Angeles- based asset manager. Financial terms of the deal weren’t disclosed.

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