Evolution Media Capital, created by former Merrill Lynch bankers and Creative Artists Agency, has formed a joint venture with U.S.-Mexico-based NALA Investments to source film, TV and sport investments in the U.S. and Latin America.

NALA Investments is run by Emilio Diez Barroso, the great grandson of the late Televisa founder Emilio Azcarraga Milmo, also known as El Tigre.

NALA EMC will tap NALA Investments’ extensive influence and connections in Latin America and EMC’s broad investors portfolio to spur more U.S. companies to invest in Latin American content of all types.

“In my dealings with U.S. companies, I’ve found that most of them do not have a Latin American (investment) strategy,” say Diez Barroso who has lately been backing technology and new forms of distribution in the U.S. and Latin America. “I usually invite my friends and family to invest with me but would like to open up the domain to a broader group of investors,” he said.

Dramatic growth in Latin America’s media sector, particularly broadband penetration, has made the region more interesting to investors.

Diez Barroso also founded NALA Films, which will release its first Spanish-language pic, “La Casa de mi padre,” starring Will Ferrell, on March 16.

Exec also sits on the board of Summit Entertainment, where he was an early investor.

EMC, co-founded by Robert Stanley and Rick Hess plus former Merrill Lynch colleagues, has provided investment counsel on deals worth more than $15 billion in the U.S. including private equity group Apollo Global Management acquisition of CKX, owner of “American Idol.”