Goldman and Weinsteins launch Asian film fund

Film producers Harvey and Joel Weinstein’s company has reportedly teamed up with Goldman Sachs to set up a $285m Asian film fund, which will finance some leading Asian cinematic talent.

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.

Kill Bill: the Weinstein Company’s biggest hit.

Goldman Sachs Group has helped the Weinstein brothers raise $245 million in debt and $25 million in equity, while the brothers’ Weinstein Company will contribute $15 million, according to Bloomberg. The loans will be split between $200 million of senior debt and $45 million of junior debt.

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.