US investment bank Goldman Sachs has partnered with film producers Harvey and Joel Weinstein to set up a $285 million ($209 million) Asian Film Fund.
The brothers intend to use the fund to produce and market 31 films over the next six years. Possible projects may involve martial arts star Jackie Chan, and Chinese filmmaker Wong Kar Wai, critically-acclaimed director of Chungking Express and In the Mood for Love.
The Weinsteins, who have also set up a fund for Latin America with Argentine entrepreneur Eduardo Costantini, formed their company in October 2005 after leaving Miramax Film Corporation.
Weinstein Company’s box office revenue was reportedly $24 million in the first quarter of this year, 84 percent below the $165 million figure for the equivalent period last year.
The brothers set up Miramax in 1979 and sold it to Disney in 1993. During their time at Miramax they produced numerous cult hits, notably Quentin Tarantino’s Pulp Fiction and Reservoir Dogs. Tarantino has also provided the Weinstein Company with its biggest hit so far, the Asian-influenced Kill Bill.
Goldman Sachs declined to comment on fundraising.