CannesIngenious, the U.K.-based investment and advisory group that helped to finance “Avatar” and “The Descendants,” has formally launched its senior film fund. In partnership with investment adviser Apollo Media, Ingenious will offer finance in the senior debt position formerly occupied by banks. The fund aims to invest in a portfolio of 20 to 30 pics, with budgets ranging from $10 million to $60 million. Ingenious and Apollo will advise on the sourcing, evaluating, negotiating and execution of each film project. “Interest in this unique proposition has been excellent and we’re delighted to be ready to consider the fund’s first film investments,” said Ingenious commercial director Duncan Reid.