China Perfect World launches PE fund to invest in Universal movies
China-based Perfect World Pictures has launched a private equity fund to invest in a slate of movies produced by US Universal Pictures.
The media and entertainment-focused fund, jointly launched by Perfect World and domestic fund-of-funds Shengjing, has an initial target of RMB1.5 billion ($230 million), a filing said. Perfect World and Shengjing have each contributed RMB375 million to the fund.
Last month, Perfect Universe Investment, an offshore entity owned by the fund, agreed to invest $250 million in 50 films produced by Universal Pictures over the next five years. The proposed investment from Perfect World will cover about 25% of the budget of each film. Perfect Universe will also secure bank loans to finance projects.
Owned by Comcast Corp, Universal Pictures produces blockbusters such as Jurassic World, Fast and Furious, and Jaws. It is one of the six largest Hollywood studios.
Shenzhen-listed Perfect World Pictures initially focused on television and movie production in China. However, last month it bought all the assets of online gaming affiliate Perfect World when the business was de-listed from NASDAQ.
Last year, Chinese film distributor Bona Film Group said it would invest $235 million into Twentieth Century Fox movies and help bring Hollywood productions to China. Meanwhile, STX Entertainment, a Hollywood studio set up with support from Hony Capital and TPG Capital, secured a three-year financing deal with China's Huayi Brothers Media Corp. to release 12-15 movies a year by 2016.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.