Now, a VC Fund for Films! Thanks to Gurinder Chadha

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Gurinder Chadha, director ‘Bend it like Beckham’ and ‘Bride and Prejudice,’ is to set up a venture capital fund to invest in film and television projects globally. Interestingly, the venture is named as Bend It Media Fund (BIMF) which is registered in  Cayman Islands, is a  $30 million open-ended investment vehicle, which will invest across four platforms – films, television, live theatricals and digital.

The 53-year-old Chadha will partner AVT Shankardass, financier of a number of recent Hollywood blockbusters, such as Captain America, Superman-reboot Man of Steel.

The fund will invest in small budget projects across geographies that focuses largely on content and will look to earn returns ranging between 25% and 30% from its investments. The global media and entertainment market is slated to grow at a compounded rate of 5.6% for five years beginning 2013 and generate revenue of $2.2 trillion in 2017, according to PwC.

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In India the industry may grow at 14.2% to Rs 1.78 trillion by 2018, according to a recent report by FICCI-KPMG. BIMF plans to invest up to $10 million (Rs 61.5 crore) in its first year of operations, and has earmarked $4 million (Rs 24.6 crore) on film projects, $2 million (Rs 12.3 crore) each on television series and live theatricals and the rest on digital projects.

In 2009, the 35-year-old Shankardass, a New Delhi-based financier and producer launched Global Entertainment Partners, a $300 million (Rs 1,843.5 crore) close-ended 5-year fund that has invested in big-budget films. The investments then included movies such as Mission Impossible. Shankardass raked in box-office receipts of about $1.8 billion(Rs 11,061 crore) globally.

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