What is a good way to display initials of multiple persons in Profile picture

We have a display picture, where we show the initials of a user if his picture is not present. Example, John Doe will see JD enclosed in a circle.

There are profiles where we have multiple users in a group.

Example: John Doe, Xyz abc, Xyz Wta and there is no group name as such. In such cases what is the best way to display initials. I got suggestion to split the circle like a wheel and show each initial in a quardent.

What is the best way to do some thing like that? Considering we will Limit number of Users to three at max. I cannot even think of how to show it.