Phoenix Media to launch $300m fund
Phoenix Media is in the process of raising a $300 million private equity vehicle to invest in growth capital in Chinese media and culture companies. Hong Kong-listed broadcaster Phoenix TV is said to be one of the co-general partners of the fund.
The dollar-denominated fund will reach a first close later this year, Peter Schloss, senior partner of the fund, told Dow Jones. Schloss is well known in the world of technology, media and telecommunications. His has previously worked at STAR TV and Chinese wireless value-added services company TOM online.
Other investment professionals involved include a number of former executives from Hao Kai, a spin off from Hao Capital, a Beijing-based private equity firm.
The announcement comes after several other media funds were also launched earlier this year. In February, the Chinese government set up the first-ever state-backed film investment fund - China Mainstream Media National Film Capital Hollywood - to invest in co-productions with foreign players in China.
The same month, Chinese television production firm Sun Media Group teamed up with Harvest Fund Management to create an $800 million private equity fund that will back local movies.
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