In its most recent regulatory filing late last year, Focus Media , a Chinese advertising company listed in New York, disclosed details of the financing that will facilitate a deal to take it private.

The $3.1bn transaction is the largest-ever buyout in China, according to Dealogic. The buyers – alongside the chairman of the company – include three private equity houses, Carlyle, Citic Capital and FountainVest, a local group founded by Frank Tang, a former Goldman Sachs and Temasek executive.

The largest portion of the $1.5bn in debt financing, meanwhile, comes from China Development Bank and China Minsheng Bank – a policy bank and a second-tier but relatively commercial bank respectively. Traditionally such leveraged lending has not been associated with either category.