Carlyle Group is selling off the last of its stake in Boston Private Financial Holdings (BPFH).

BP Holdco, an affiliate of the private equity firm, plans to sell about $42 million of stock in the Boston company through a secondary offering, Boston Private announced Tuesday. The 3.8 million shares represent an ownership stake of roughly 4.7%.

Carlyle has been reducing its stake in the $6 billion-asset company this year. In April, Boston Private agreed to buy back the preferred shares it issued to the private equity firm for roughly $70 million. A month later, Carlyle sold about $40 million of Boston Private common stock.

In 2008, Carlyle invested $75 million to become Boston Private's biggest shareholder. The firm held a stake of just under 10% on March 31, according to Boston Private's 2012 annual report.

Citigroup (NYSE: C) and Sandler O'Neill are co-managing the latest sale.

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