Global alternative asset manager The Carlyle Group, China-based conglomerate CITIC and its alternative investment arm CITIC Capital Partners have completed their investment in fast food chain McDonald’s Corporation’s mainland China and Hong Kong businesses. The consortium had previously agreed to invest up to US$2.08 billion, with CITIC and CITIC Capital Partners owning a 52 percent stake and Carlyle owning a 28 percent stake through Carlyle Asia Partners IV. With Carlyle and CITIC’s support, the newly-formed China franchisee plans to increase the number of restaurants in operation, particularly in Tier 3 and Tier 4 cities, and improve customer service through digitalized and personalized dining experiences. The transaction was completed on 31 July 2017.