Global alternative asset manager The Carlyle Group has agreed to acquire a 49.9 percent stake in South Africa-based emerging markets-focused credit rating agency Global Credit Ratings. The company serves customers across 20 countries, focusing on insurance, financial institutions, corporate and public sector entities and structured finance. Carlyle will invest through Carlyle Sub-Saharan Africa Fund. Financial details of the transaction, which is subject to regulatory approvals and is expected to close in early 2017, were not disclosed.