Carlyle Group has tripled its money on its investment in roadside services company RAC after abandoning a stock market listing in favour of selling a stake to Singapore sovereign wealth fund GIC, according to a person familiar with the deal.

In a statement on Thursday, Carlyle said it had agreed to sell some of its majority stake in RAC to GIC, and would no longer pursue an initial public offering on the London Stock Exchange despite months of preparations for a listing.