BY NISHA GOPALAN AND JEFFREY NG

HONG KONG—Carlyle Group raised $1.79 billion by selling part of its stake in China Pacific Insurance Co. at the top of a placement range, according to a person familiar with the deal Monday.

In Carlyle’s second sale of the company’s shares in two weeks, the U.S. private-equity firm sold 415.2 million shares, or 17.9% of China Pacific’s …