Company pacts with Muselet for vehicle
Thierry Peronne’s Investimage has teamed with financial analyst Adrien Muselet to create Investimage Asset Management, a Brazilian film investment vehicle.Outside IAM, Investimage is also partnering with one of the world’s biggest retail companies to roll out low-cost multiplexes in underscreened or simply non-screened Brazilian cities and suburbs. In its first move, IAM is setting up an equity investment film fund, Investimage 1 Funcine, to launch second half 2008. Fund’s final capital will reach $7 million-$10 million. Investimage’s fund will take equity in pic productions, as well as offering P&A coin for distributor and minimum guarantees for foreign sales. Fund coin will will roll off a Brazilian tax incentive facility for film investment, the Funcine Audiovisual Industry Fund, which was created in November 2003 and was enlarged in December 2006. As the former fund manager of RB Cinema I Funcine, the first Brazilian investment fund to target movie rights, Peronne is already a key figure in Brazilian equity film finance. At Cannes in 2005, he announced RB Cinema I, and unveiled its first individual pic investments, including a 9% stake in “The Year My Parents Went on Vacation.” The new Investimage fund, Peronne said, will not provide gap financing, but put up early finance at around $1 million a film. In Brazilian films, that could rep 30% of a film’s budget. Investimage has just signed a contract to build a stadium-seating theater to test this new concept in a northwest Rio de Janeiro suburb. The exhibition rollout will play off Brazil’s “dramatically expanding lower-middle classes, with an increased purchase power,” said Peronne, Investimage CEO and owner. “The plan is to sign more locations next year and to build a strategic partnership with a Brazilian theatrical company to run the business,” he explained. A Rio de Janeiro-based investment company, Investimage launched 2001.