SAO PAULO, Aug 11 (Reuters) - Carlyle Group LP and Brazilian investor Guilherme Paulus raised a combined 1.230 billion reais ($394 million) from the partial sale of their stakes in Brazilian travel agency CVC Brasil Operadora SA, a sign investors are slowly returning to Latin America's largest equity market.

In a Thursday securities filing, CVC Brasil said the so-called restricted efforts offering, which took place the day before, was priced at 20.50 reais. That represents a 3.8 percent discount to CVC Brasil's closing price of 21.30 reais on Wednesday.

Carlyle and Paulus had put a combined 60 million shares of CVC Brasil up for sale, accounting for a 44.7 percent stake.

($1 = 3.1246 Brazilian reais) (Reporting by Guillermo Parra-Bernal, editing by Larry King)