Two Oceans will tap local pension funds

Julian Giraldo, head of Colombia’s RCN Cine & Ennovva Films, is launching a $100 million private equity fund under the banner Two Oceans Pictures. Name refers to Colombia’s bicoastal geography.

Fund aims to back an average of two to three English-language pics in the $30 million to $40 million budget range per year for the next seven years.

“We expect to have at least $50 million in place by August,” said Giraldo, who is mainly tapping Colombian pension funds and expects to take advantage of an upcoming film law that will offer a 40% cash rebate to international films and TV movies shooting in Colombia. In addition, the new bill will give international shoots a 20% cash rebate on local expenses in catering, transport and accommodations.

Ennovva Films will manage the fund. “The films we back won’t necessarily have to shoot in Colombia, but it will be an advantage, naturally,” he said.

Two Oceans will also invest in development on a project-by-project basis, Giraldo stressed. “We aim to make thrillers, action and comedies, the more commercial the better,” he said. The fund will have a greenlight committee of prominent international producers.

Giraldo is in Cannes presenting “Default,” Simon Brand’s English-language, found-footage, skyjacking drama, still in post. The same group of investors behind the new fund has backed the pic, shot in L.A.

“While ‘Default’ only cost $1 million to make, it shows what we can achieve on a smaller scale,” said Giraldo.

RCN Cine is a co-producer of Colombian Un Certain Regard entry “La playa,” by helmer Juan Andres Arango, and provided promotional support for William Vega’s Directors’ Fortnight entry “La sirga.”

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