China-focused private equity fund managers CITIC Capital Partners and FountainVest Partners and global alternative asset manager The Carlyle Group have reportedly exited China-based digital media network operator Focus Media. The consortium, which took the company private in 2013 and re-listed it on the Shenzhen Stock Exchange via a reverse merger in 2015, sold its combined stake to China-based technology and e-commerce conglomerate Alibaba Group Holding for an aggregate distribution of US$1.2 billion.