$150 mil fund to bridge gap
Film financier-shingle Angel World Entertainment has partnered with global merchant bank First Wall Street to launch a $150 million equity fund for financing indie productions.Fund was created to bridge the gap between producers and investors, aiming to support each through an uncomplicated structure and single source of funding. “We’re thrilled to bring a new solution to the international film market to provide support to independent producers while also protecting the investors whose risks and returns we take very seriously,” said AWE founder and CEO Darby Angel. First Wall Street founder, chairman and CEO Glenn Myles added: “We’ve seen a need in the market for a finance structure allowing for the equity investor to sit in the first position.” Financier AWE aims to provide investors a lower-risk and more transparent business model for indie pics, and funds up to 100% of a pic’s budget, providing a single source of funding that secures against foreign sales, tax credits, minimum guarantees and intellectual property rights until the investor has fully recouped its money. Indie global merchant bank First Wall Street, founded by Myles, focuses on core competencies in asset management, capital deployment, corporate strategy and deal structuring. Myles previously oversaw investments and capital holdings as exec VP for Marvin Davis’ Davis Corp.
Follow @Variety on Twitter for breaking news, reviews and more