A new UK – China film / TV and Media investment fund is set to launch in early 2016 with the aim of funding new UK-China co-productions.
The fund has been set up by the UK’s Varcale Capital Management & Pairstech Capital Management with China’s Beijing Zhopngze Culture Industry Co. and Propellor Culture & Media Co. The initial pot will be £50m with 50% backing from both sides.
The plan is to grow the assets under management to £1.5bn by 2020 through further collaborations with UK and China Co-Productions partners.
UKTI Regional Director for London Parveen Thornhill said that in 2015 investment from overseas productions into the UK film industry was worth more than £1 billion and that the UK / China Co-Production treaty signed in 2014 has improved links between the two countries & their film industries.
In a joint statement, Varcale chief executive Davide Cottarelli, Pairstech chief executive Enrico Danieletto and chairman Waheed Qaiser said: “Although the fund will predominantly cater for the demand in the China market we will also capture the UK and international entertainment markets as appropriate.”
Chai Sen, chair of Beijing Zhongze Culture Industry Co. and an executive director of Propeller Culture and Media, described the agreement as “a golden deal in golden times”.
“The fund will undoubtedly bring together the best of industry knowledge, creative talent, technology, production experiences and business opportunities from the UK and China,” he added.