German mass media company Bertelsmann says its Bertelsmann Asia Investments fund has completed two exits in China, receiving a total of US$71 million in proceeds, according to a company announcement.
Bertelsmann sold its stake in Chinese automobile industry content and marketing services firm BitAuto to unidentified buyers for US$65 million. Bertelsmann invested US$12 million in BitAuto in 2009. BitAuto completed an IPO on the New York Stock Exchange in 2010.
Bertelsmann also sold a Chinese youth lifestyle platform Yoho for US$6 million. It did not disclose the method or buyers of the transaction.
The firm says that if the fund were to sell six holdings it invested before 2010, it would generate around US$175 million, more than triple the US$55 million it invested during that period.
Bertelsmann Asia Investments currently holds about 25 portfolio companies and other funds in China. It says regional expansion is one of its priorities, and China is a key growth region for Bertelsmann.
"In the past year we were able to reap the fruits of our labor for the first time," says Annabelle Yu Long, managing director of Bertelsmann Asia Investments.
Bertelsmann entered the Chinese market in 1992. Bertelsmann Asia Investments fund was established in 2008.