Sources in the know said that the fund is expected to close its first deal in the next 90 days
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas.
The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
The fund will be overseen and run by its founder and partner Parth Gandhi, former managing director of the $825 million fund AION, a leading asset management company in the country which was a joint venture between ICICI Venture and Apollo Management. It also includes CP Khandelwal, chairman of the Systematix Group, a diversified financial services company.
Sources in the know say that the fund is expected to close its first deal in the next 90 days. It is looking at early-stage companies and plans to invest up to Rs 25 crore in a company in the first round.
In the content space, IMEF plans to offer both NCDs and equity to companies in TV and film content, digital news and entertainment, live events and music. According to sources, in the distribution space, it is looking at OTT, print, broadcasting, cable, DTH and radio, amongst others. And when it comes to the services space, the fund’s focus will be on companies with strong technology in areas like post-production, VFX, digital as well as in areas of sports and talent management.
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