Year-old Patrician Asset Management has launched Citizen Entertainment Fund, which will focus on financing senior debt, with a major portion of the portfolio in prints and advertising.
Citizen Entertainment — managed by Patrician CEO Brian Gilmore, senior portfolio manager David Forbes, Patrick Murray and Steve Flynn — will offer funding to studios, distributors and filmmakers. Gilmore and Murray will be at the Cannes film market.
“The credit crisis has had a major impact on the media community,” Gilmore said. “Current market conditions severely hamper the completion of many new projects, giving us an opportunity to participate in some high-quality films that in any other economic environment would have been exclusive to studios only. This is an exciting time for investors in the movie business.”
Move comes six months after Endgame Entertainment launched an ambitious marketing venture dubbed Endgame Releasing to partner with equity investors, third-party producers and studios to provide P&A funding for wide-release films. Endgame’s production of Rian Johnson’s sci-fier “Looper” will take advantage of Endgame Releasing by co-financing marketing costs with FilmDistrict for its release this year.
“We understand the difficulty in today’s environment for completing the financing process and are looking at projects that exhibit the kind of marketability that warrant an investment,” Forbes said. “We recognize that the market needs reliable P&A financing for the extensive number of productions that deserve an opportunity to compete.”
Gilmore founded Capitoline Global Finance in 2005, has worked with Lionsgate, InterMedia and Senator Entertainment and was involved in raising the capital for the Turner acquisition of the MGM library.
Forbes has managed P&A investments for Fox, MGM, United Artists, Orion Pictures and Columbia including investments in “Silence of the Lambs,” “Dances With Wolves,” “La Bamba” and “A Fish Called Wanda.” He also founded and ran the David Forbes Company for the past 17 years, where he handled marketing and distribution services along with consulting on marketing.
Murray has over 30 years’ experience in the entertainment and financial services industries and co-founded Ensemble Entertainment with Tony To. Flynn was formerly president of Edge Entertainment and worked Academy campaigns on “Brokeback Mountain,” “Lost in Translation” and “The Pianist.”