SINGAPORE — A Singapore-based US$100 million (S$131 million) fund, targeted at China’s media and entertainment industry, was launched today (Dec 10) at the Singapore Media Festival.

The private equity media fund was launched by its three main partners: Yu Dong, founder and chairman of Bona Film Group, China’s largest private film distributor; local media entrepreneur and former Nominated Member of Parliament, Calvin Cheng; and Singapore private equity investment firm Tembusu Partners. Lawrence Wong, Minister for Culture, Community and Youth and the Second Minister for Communications and Information, witnessed the signing of the memorandum of understanding between the three parties.

The media fund, which does not yet have an official name, is the world’s first non-RMB-denominated fund dedicated to investments in China’s media entertainment industry. It will focus on the Chinese market, which is home to the fastest growing media industry, as well as the second largest film market in the world. It will also seek international cooperation opportunities between China and countries such as Singapore and the United States through co-productions and joint ventures.

“I am personally very fond of Singapore. I was on the board of ScreenSingapore for two years and I’ve held two movie premieres here,” said Yu, on his decision to base the fund in Singapore. “I hope to be able to contribute to Singapore’s film industry, so Singapore film-makers can work with Chinese film-makers and producers to create movies that can be screened in both areas.”

“The establishment of this media fund in Singapore is a testament to the country’s position as a regional centre for the financing, production, management and distribution of compelling content,” said Angeline Poh, assistant chief executive (industry) of the Media Development Authority of Singapore. “This fund will create an opportunity for Singapore’s media companies and talent to participate in the fast-growing media market in China.”

The closed-end five-year media fund will be formalised on March 31 next year, with fund raising to begin shortly after. Anchor investors will likely include Bona Film Group, as well as Thailand’s Chia Tai Group.