British film-maker of Indian origin Gurinder Chadha is launching a $30 million venture capital fund called Bend It Media Fund (BIMF) next month to make investments in film and television projects across the globe, including India, according to a report by The Economic Times.
Chadha, who started her career with BBC Radio and best known for her breakout hit Bend It Like Beckham, is looking at a Cayman Islands-registered open-ended investment vehicle that will invest across four platforms-films, television, live theatricals and digital. She has joined hands with AVT Shankardass, a Delhi-based financier and producer who has backed Hollywood blockbusters like ‘Captain America: The First Avenger’ and ‘Man of Steel’.
Shankardass had reportedly floated a $300 million close-ended five-year fund in 2009 which made investments in big-budget movies like ‘Mission Impossible’.
Bend It Media Fund will primarily focus on investing in small budget movies globally and is eyeing to earn returns in the range of 25 per cent to 30 per cent from its investments, Shankardass, who is the managing director of the fund, told the newspaper.
In the first year of operations, the fund is looking to invest up to $10 million and has earmarked $4 million for film projects besides $2 million each for television series, live theatricals and digital projects.
Another PE firm which has backed a few Bollywood movies in the past is Vistaar Religare Film Fund.
(Edited by Joby Puthuparampil Johnson)