FountainVest Partners acquired a significant minority stake in Maoyan Entertainment, a provider of internet-based entertainment services in China.

The private equity firm, through Interstellar Investment Ltd., bought a 5.86% shareholding in Maoyan for an undisclosed sum, according to S&P Global Market Intelligence data.

The stake acquisition is part of a deal with Maoyan CEO Zhihao Zheng, who invested personal funds in the transaction. Maoyan is expected to use the deal's proceeds to expand its business, implement long-term development and improve its services.

Following the deal, a FountainVest Partners representative will join Maoyan's board as a nonexecutive director.

FountainVest Partners invests in media and entertainment companies. Maoyan Entertainment operates various platforms for online ticketing, products and services, data insights, marketing services and funding.