US$100m fund to target China media market

Singapore

NOTED Chinese film producer Yu Dong, local private equity firm Tembusu Partners and former nominated member of parliament Calvin Cheng have teamed up to start a US$100 million, closed-end fund to invest in China's burgeoning media and entertainment industry.

The anchor investors are likely to include Mr Yu's Nasdaq-listed Bona Film Group, as well as Thai conglomerate Chia Tai Group, otherwise known as the Charoen Pokphand group.

The five- to seven-year fund has no official name yet. It will be formalised on March 31, 2015, with fund-raising to start thereafter. It is targeting returns of 20 to 30 per cent a year, said Mr Cheng, who put the deal together and will oversee investments. He is the executive director and co-founder of Lumina-Looque International, a media firm that ow…