Magazine article Screen International

Tembusu, Cheng, Yu Launch $100M China Media Fund

Magazine article Screen International

Tembusu, Cheng, Yu Launch $100M China Media Fund

Article excerpt

The fund was launched at the Singapore Media Festival.

China's Bona Film Group chairman Yu Dong, Singaporean private equity fund Tembusu Partners and local media entrepreneur Calvin Cheng have signed a memorandum of understanding for a $100m (SG$130m) China media fund, launched at the Singapore Media Festival today.

To be based in Singapore, the private equity fund is touted as "the first such non-Reminbi dominated fund to invest in China's media and entertainment industry."

"Singapore is the perfect place to launch this fund as it is not only a financial capital of the world, but also as the place where East meets West. This fund will allow foreign investors to participate in the fastest growing media and entertainment market in the world," said Yu.

The $100m fund is a five-year closed-end private equity fund targeting for investment media companies, content and technologies. It will be formalized on March 31, 2015. NASDAQ-listed Bona Film Group and Thailand's Chia Tai Group are likely to be anchor investors.

Yu added, "China's media and entertainment industry is forecast to overtake Japan's by 2018, and become the second-largest in the world, behind only the US. …

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